GBP/USD - 1.4968.. Trading the British pound has yielded good returns as
compared to euro, the reason being cable has been trending lower this week
whilst euro continues to 'gyrate' inside previous broad range without a trend.
The descent fm Monday's high at 1.5197 signals sterling's correction fm
last week's 10-month low of 1.4781 has ended n MT decline fm 1.7044 is set to
resume next week to re-test 1.4781 n later twd 1.4538, being 70.7% retracement
of the entire rise fm 1.3500 (Jan 09') to 1.7044 (Aug 09').
Despite y'day's intra-day selloff to 1.4873 in Europe, as this low was
accompanied by prominent 'bullish converging signals' on the hourly oscillators,
subsequent rebound confirms aforesaid fall fm 1.5197 has finally formed a temp.
low there n 1-2 days of consolidation is envisaged b4 prospect of resumption of
decline to next chart obj. at 1.4855.
Today, buying the pound for intra-day trade for recovery twd 1.5017 is
favoured but reckon 1.5035 (50% r of 1.5197-1.4873) wud cap upside n yield ano-
ther fall - day traders shud know what to do next, right !
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