Pro Commentary

204104 Resource 119238 128654 128654 1210828224758 1210828224758 Controlled Pro Commentary Lite ... 15th May 2008 ... GBPUSD

An excerpt from Pro Commentary

Price:                            1.9442<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>1.9474</td><td>1.9493</td><td>1.9546</td><td>1.9572</td></tr><tr><td>Support:</td><td>1.9428</td><td>1.9389</td><td>1.9363</td><td>1.9335</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/GBP60mMay15.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>While the 1.9474-93 caps there is still room for one more decline to the ideal 1.9300-35 target</td></tr></tbody></table><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Daily Bullish:</td><td>Once again the downside developed well although did overshoot slightly the 1.9382 intermediate target. It does confuse slightly but I still feel the downside has legs for one more decline. Thus only look for a stronger move higher if the 1.9493-05 area gives way. If seen then we should see stronger gains to 1.9546 and probably 1.9572 at least. Take care here as this could cause a correction. Breach extends gains to 1.9631-66 again. </td></tr><tr><td>MT Bullish:</td><td>15th May: With losses having come within a whisker of the ideal 1.9300-35 downside target we must be aware of the risk of reversal higher. Back above 1.9505 and 1.9572 would see 1.9631-66 and probably higher. </td></tr><tr><td>Daily Bearish:</td><td>Further downside progress seen but we are close to a potential low. To see this last leg lower I’d prefer to see the 1.9474 resistance hold but should allow for 1.9494-05. This resistance should allow a move back below 1.9428 to 1.9389 at least – take care here in case a sideways consolidation develops. More likely we shall see a direct test of the 1.9301-35 target from where a larger recovery is anticipated. Only breach would trigger stronger losses to 1.9223, 1.9175 and 1.9097. </td></tr><tr><td>MT Bearish:</td><td>14th May: The downside has developed and should make its way down to the 1.9300-35 area. However, bullish divergences are forming in the daily chart and I suspect this will hold for a stronger recovery.   </td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/GBPEWMay15.gif" align="baseline" border="0" />15th May Progress is being made in Wave (c) which has a wave equality target at 1.9301 while the old daily low was at 1.9335. Within the daily flat correction I am looking at we should see this support hold and generate a stronger move higher. Within the decline I count yesterday’s low at 1.9363 as Wave iii and thus while Wave iv remains below the 50%-58.6% retracement at 1.9474-93 the way is open for the last decline. A break above 1.9505 would cause an earlier reversal higher. Below 1.9269 would maintain stronger losses for the 161.8% projection in Wave (c) at 1.9097.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 Insightful analysis to guide you 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