FX-Strategy Pro Commentary

195495 Resource 119238 128654 128654 1201238075092 1201238075092 Controlled Pro Commentary Lite ... 25th January 2008 ... GBPUSD

An excerpt from FX-Strategy's Pro Commentary

Price:                            1.9780<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>1.9782</td><td>1.9810</td><td>1.9850</td><td>1.9889</td></tr><tr><td>Support:</td><td>1.9735</td><td>1.9686</td><td>1.9657</td><td>1.9610</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/GBP60mJan25.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>While 1.9782 caps there should be a pullback to around 1.9678-86 before higher to 1.9889-00</td></tr></tbody></table><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Daily Bullish:</td><td><span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">The break above 1.9550 and then 1.9590 high triggered gains all the way to 1.9771 and just above with resistance also at 1.9782. Take care here as this could cause a pullback all the way back to the 1.9678-86 area (max 1.9657) from where I feel we should see further gains back to the 1.9782 high and follow-through to 1.9889-00 which again should cause a pullback. Only a direct move above 1.9782 would see a test of 1.9889-00 directly. Stronger resistance is at 1.9954. </td></tr><tr><td>MT Bullish:</td><td><span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">I’ll take the 1.9335 low as the end of this part of the decline and this should lead to a week or so of upward correction towards 1.9954 and at most 2.0083. However, that area should cap.  (<span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">23rd January)</td></tr><tr><td>Daily Bearish:</td><td><span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">Gains have been seen as expected from the 1.9335 low which have progressed well to target. A selling opportunity should come before too long. In fact, where price is right now while I’m writing the 1.9782 area has a good chance of causing a pullback below 1.4740 and 1.4705 towards the 1.9678-86 area. I suspect this will support – at the most 1.9657. Therefore, any further losses will require breach of 1.4650 and if seen would suggest room for follow-through to 1.9558 and possibly 1.9463-95.</td></tr><tr><td>MT Bearish:</td><td><span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">I am taking the 1.9335 low as the base for the correction higher – even though the relationships are a bit loose. Thus only below 1.9335 directly would extend losses to 1.9254 and 1.9188. (<span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">23rd January)</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Comments" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/GBPEWJan25.gif" align="baseline" border="0" />23rd January The spike down to 1.9335 was very frustrating but with bullish divergences in the 4 and 8 hour charts I suspect that was the end of Wave –v- and thus the end of Wave (c) of Wave (iii).If this is the case then the normal corrective ratios would imply a 41.4% retracement in Wave (iv) at 1.9954 and 50% at 2.0083. Given Wave (ii) was quite deep I suspect the 1.9954 area will hold. If this occurs in 3 waves then we should allow for a more complex correction – which I feel will occur. Only directly below 1.9335 would resurrect the 1.9188 and 1.9122 targets. 25th January<span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">Progress is being made with a 138.2% projection in Wave c at 1.9889 and a 161.8% around the 1.9954 target.<span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">Ian Copsey 9 application/xml false British commentary currencies Dollars elliott wave forecasts Forex FX fx-strategy Pound resistance support technical analysis US FX-Strategy Pro Commentary Simply the most comprehensive technical analysis in the market http://www.gftforex.com/services/procommentary?aid=446 Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1; hc; .NET CLR 1.1.4322; .NET CLR 2.0.50727; MS-RTC LM 8) 127.0.0.1 127.0.0.1 ICopsey 202.216.243.97 false true false false true 119238 blog blogsite/GFTForex/web