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Stock Market Trend Forecast March to September 2019

Bull Signal in British Pound, GBP/USD Now in Place

Currencies / British Pound Jul 09, 2010 - 05:22 AM GMT

By: Seven_Days_Ahead

Currencies

Best Financial Markets Analysis ArticleWhen we last looked at GBP/USD the chart had tested a long term 76.4% retracement level, where the initial reaction had been positive. But the required bullish signals from the Daily chart were not in place – and they are now.


The FX Specialist view


 WEEKLY CHART:

The 76.4% pullback has provided good support so far, and the chart structure now suggests that, s/term dips notwithstanding, higher values can be seen.


DAILY CHART:

The earlier breach of the 23.6% recovery level followed by recent violations of the bear channel top projection and 1.5125 area have provided a bull signal for us, in the FX Specialist Guide.

S/term dips are now more likely to be temporary ahead of a further bull leg.

Note first support coming from the prior 1.4780 support/resistance. A deeper slip would turn focus on the 1.4500 area.

On the upside, beyond the nearby 38.2% level just above 1.5300, note the stronger resistance at 1.5635/ 1.5705, 50% (a good level in GBP sometimes) and 13-Oct low.

Mark Sturdy
John Lewis

Seven Days Ahead
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Mark Sturdy, John Lewis & Philip Allwright, write exclusively for Seven Days Ahead a regulated financial advisor selling professional-level technical and macro analysis and high-performing trade recommendations with detailed risk control for banks, hedge funds, and expert private investors around the world. Check out our subscriptions.

© 2010 Copyright Seven Days Ahead - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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