Pro Commentary

202324 Resource 119238 128654 128654 1209098750677 1209098750677 Controlled Pro Commentary Lite ... 25th April 2008 ... GBPUSD

An excerpt from Pro Commentary

Price:                             1.9744<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>1.9753</td><td>1.9775</td><td>1.9809</td><td>1.9830</td></tr><tr><td>Support:</td><td>1.9720</td><td>1.9684</td><td>1.9659</td><td>1.9622</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/GBP60mApr25.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>Today should see the correction higher begin and may stall around 1.9866-95</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">Losses were seen to the 1.9690 support and just 6 points below. This has occurred with a bullish divergence in the hourly chart and an oversold reading in the 4-hour chart. Therefore today should see a move back higher. Initial resistance is at 1.9775 which should hold for a while. However, while any pullback remains above the 1.9700-20 area we should see eventual break to allow the upside to extend through 1.9809 and towards the 1.9866-95 area which should be enough on the day. </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">With the 1.9690 support seen and basically holding we should be within a sideways consolidation between 1.9700 and 1.9970. Only a clean move above 1.9970-00 would generate a retest at 2.0025-47. (<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">25th 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">Losses found a low just 6 points below the 1.9690 support and I feel momentum has just about run out of steam for now. Only while the 1.9775 area caps and we see a sharp drop below 1.9684 would I look for direct follow-through to 1.9659 minimum and at most 1.9599-09 which I feel should provide a correction. Next support is at 1.9542 and 1.9501.  </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">While the 1.9684 low seen yesterday holds we need be just a little more patient while the sideways consolidation completes (top at 1.9970). Below 1.9680 and 1.9599 triggers losses to 1.9335-61 again. (<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">25th April)</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/GBPEWApr25.gif" align="baseline" border="0" />25th AprilWith the decline reaching the 1.9690 wave equality target it looks more and more like a triangle. If so this should cause a move back up to the 61.8%-66.7% projection in Wave ^c to around 1.9947-68. This should cause further consolidation in Waves ^d and ^e before finally completing the intermediate Wave (x) to allow the third and final ABC move down to 1.9335-61 at least. <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">In the bigger picture this looks like a flat correction and a small chance of an expanded flat. However, I’ll judge how it gets to 1.9335-61 first.<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 US USD Pro Commentary The art of forecasting... 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