FX-Strategy Pro Commentary

197417 Resource 119238 128654 128654 1202962096334 1202962096334 Controlled Pro Commentary Lite ... 14th February 2008 ... GBPUSD

An excerpt from FX-Strategy's Pro Commentary

Price:                            1.9621<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>1.9640</td><td>1.9672</td><td>1.9694</td><td>1.9739</td></tr><tr><td>Support:</td><td>1.9590</td><td>1.9548</td><td>1.9516</td><td>1.9492</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/GBP60mFeb14.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>We have either seen, or are close to, a major high and thus the larger risk remains lower</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">No high seen on Tuesday with gains managing to climb to 1.9663 – just below the 1.9672 major resistance. There is a minor bearish divergence but no real confirmation of reversal lower. There is support at 1.9590-95 and 1.9548 and while these hold there is still chance of seeing a little more on the upside. Back above 1.9640 would then see 1.9672 – max 1.9694. Look for a stronger bearish divergence. Next resistance is at 1.9739. </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">While the correction didn’t quite meet the 1.9672 target I suspect it is over. Thus still, if we are to see any stronger rally, we need a break above 1.9672-00 to see 1.9739 and 1.9785-00. (<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">13th February)</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">We got pretty close to the 1.9672 target resistance and the downside does seem imminent. There is support at 1.9590-95 and if this breaks then a move below the 1.9548 corrective lower would appear to confirm the minor bearish divergence. Next support is at 1.9516 while below there does seem to suggest a move all the way back tot eh 1.9386-00 lows and possibly the 1.9335 low. </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">With the deeper pullback to just under 1.9672 there does seem risk of resumption of the downtrend. Below 1.9386 will cause losses through 1.9335 and then much lower towards an eventual 1.85-1.87 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">13th February)</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/GBPEWFeb14.gif" align="baseline" border="0" />12th FebruaryThe earlier break above 1.9509 suggests we have seen Wave (a) of Wave (v) and thus we should see a recovery to the 41.4%-50% retracement at 1.9622-72.14th FebruaryI was just a touch too early in calling the top but it must now be very close – or we saw it yesterday. The 50% retracement in Wave (b) at 1.9672 is the key. As things stand a 161.8% projection in Wave (c) would derive a target of 1.8739 which is where the 66.7% projection in Wave (v) lies…Ian Copsey 9 application/xml false British commentary currencies Dollar elliott wave forecasts Forex FX fx-strategy GBP Pound resistance support technical analysis US USD FX-Strategy Pro Commentary Unique analysis at your fingertips through the trading day 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