Pro Commentary

201887 Resource 119238 128654 128654 1208409625844 1208409625844 Controlled Pro Commentary Lite ... 17th April 2008 ... GBPUSD

An excerpt from Pro Commentary

Price:                            1.9721<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>1.9735</td><td>1.9770</td><td>1.9805</td><td>1.9824</td></tr><tr><td>Support:</td><td>1.9678</td><td>1.9640</td><td>1.9599</td><td>1.9550</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/GBP60mApr17.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>Slightly mixed now – with the previous bearish structure now unrealistic</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">We did see earlier gains as expected but these easily pushed through the 1.9711-46 area and came to a halt at 1.9805. This breaks the larger bearish structure I had been following and leaves the short term a little mixed. There is support between yesterday’s 1.9599 low and 1.9640-48 which I suspect will hold and allow a deeper move higher. A break above 1.9735 and then 1.9770 would trigger gains. There is mild resistance at 1.9824 but there does seem to be an argument to see 1.9893 again.</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">Although the large bearish structure is unrealistic now I still see potential to the 1.9335-61 area. Resistance is around 1.9893-00 and above here would allow a deeper pullback to 2.0047 and probably 2.0193. (<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">17th April)</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">The failure to move below 1.9750 does imply an alternative MT wave structure but that could still allow losses to 1.9335-61. However, I doubt these will be direct. I suspect the 1.9599 low should remain intact for now – with 1.9640-48 also supporting. A retest of 1.9893 would appear to provide a potential selling opportunity. Only directly below 1.9599 would imply direct losses through to 1.9520 at least and probably lower. </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">It is impossible to retain the bearish structure but I cannot rule out losses back to the 1.9335 low – possibly even lower in a complex correction. 1.9900 should hold for any direct losses.  (<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">17th April)</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/GBPEWApr17.gif" align="baseline" border="0" />17th April <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 previous more impulsive bearish structure just cannot be sustained with the continued pullbacks and this is suggesting a more complex daily correction. The recovery from 1.9335 to 2.0397 came in 3 waves and this opens up the potential for a more complex structure – most likely a flat or expanded flat. With what appears to be 2 ABC structures lower already it is hard to envisage an expanded flat (unless the next Wave (a) reaches 1.9335 again.) Thus for the moment I feel the 50% retracement in the second Wave (x) at 1.9895 should hold for a move lower and we’ll see how this progresses.<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 GBP Pound resistance support technical analysis UK US USD Pro Commentary Probably the most comprehensive technical commentary 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