GBP/USD Mid-Day Outlook
We're still slightly favoring the case that recovery from 1.5422 is finished at 1.5779. Intraday bias is mildly on the downside for a test on 1.5422 first. Recent fall from 1.6165 is still in
favor to continue and break of 1.5422 will confirm resumption for 1.5271 support next. However, break of 1.5779 resistance will resume the rebound form 1.5422 and will flip bias back to the upside for a test on 1.6165.
In the bigger picture, no change in the view that price actions from 1.3503 are treated as consolidations to long term down trend from 2.1161. At this point, we're favoring the case that such consolidation is either finished with three waves to 1.6746, or five waves as a triangle at 1.6165. Break of 1.5271 support will affirm either case and should target 1.4229 key support. Decisive break there should extend the long term down trend through 1.3503 low. Meanwhile, strong rebound ahead of 1.4229, or a break of 1.6165, will dampen the immediate bearish view and extend the consolidation from 1.3503 instead. actionforex.com
Selasa, 13 Desember 2011
GBP/USD Mid-Day Outlook
