FX-Strategy Pro Commentary

200725 Resource 119238 128654 128654 1206936352945 1206936352945 Controlled Pro Commentary Lite ... 31st March 2008 ... GBPUSD

An excerpt from FX-Strategy's Pro Commentary

Price:                             1.9940<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>1.9966</td><td>1.9995</td><td>2.0028</td><td>2.0048</td></tr><tr><td>Support:</td><td>1.9920</td><td>1.9900</td><td>1.9880</td><td>1.9856</td></tr></tbody></table><img alt="Hourly Chart with indicator" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/GBP60mMar31.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>Have to take a little care but I still prefer a bearish stance</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">Weakness seen in line with the preference which reached 1.9880 but then stalled. Since then the wave structure is a little less clear. However, I remain cautiously bearish and therefore the upside does seem limited to 1.9978-95. Only a break above this area would keep the pressure higher for 2.0028-48. Watch the high level. Only breach maintains the upside towards 2.0088 and 2.0118-30.</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">The 2.0272 high has remained intact and losses stalled just above the 1.9941 area. I remain bearish and thus only back above 2.0240-72 would suggest we’ll see a recycling of corrective strength to 2.0397. (<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">27th March)</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">Losses were seen as expected but these stalled at 1.9880 which I find tough to fit into any structure. If there is to be further slippage we should ideally see the 1.9978-95 resistance must cap. A move below 1.9920 would assist which should extend losses to 1.9880 and probably the 1.9816-56 area which may well hold on the day. Further support is back around the 1.9733-56 area. </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">Losses stalled at 1.9733 but I feel that we have probably seen a peak. While there is risk of a longer sideways correction overall I’ll be looking for the 1.9733 low to break for 1.9335-61 again over time. (<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">27th March)</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/GBPEWMar31.gif" align="baseline" border="0" />28th MarchThe 2.0191 high was a little more than expected but the sharp reversal I feel is more reflective of additional losses that should eventually make their way back to the 1.9733 low in Wave (a) of Wave (iii).31st March<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">Losses were encouraging but slightly away from expectations. For the downside to regain hold we’ll need a move below Friday’s 1.9880 low that should maintain momentum for the 138.2% - 161.8% projection at 1.9856 & 1.9816. Eventually I’d expect a retest of the 1.9733 low in Wave (a) of Wave (iii).<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 Dollar elliott wave forecasts Forex FX fx-strategy GBP Pound resistance support technical analysis US USD FX-Strategy Pro Commentary Comprehensive and guiding analysis 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