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Currency Bulls in GBP/USD Remain Uncertain

Currencies / British Pound Sep 10, 2010 - 12:56 PM GMT

By: Seven_Days_Ahead

Currencies

Best Financial Markets Analysis ArticleAn earlier recovery in GBP/USD this year, off a 76.4% support area, came to a halt in August, again at a Fibonacci retracement. So far a s/term pullback has been supported by a 38.2% level, but there is currently risk that this could give way in due course.


The FX Specialist view


 WEEKLY CHART:

The rebound off a 76.4% pullback area has found clear resistance from the 61.8% recovery level.

This means that the market has also failed to hold above resistance from the second low that stands out from 2009, the 1.5705 Oct-09 low.

The main question now is whether or not bulls have had their day.


DAILY CHART:

The recent slip back from the 61.8% recovery level found temporary support from the 38.2% pullback.

The current s/term chart structure suggests that the decline could have an impulsiveness that will see a failure of this support, so any rebound may prove short-lived...

Other than deeper retracements we would then also look for possible support from around the prior 1.4780 01-Mar low.

Mark Sturdy
John Lewis

Seven Days Ahead
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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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