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Gbp/Usd opportunities

Posted on October 15, 2008 at 12:58 in Short-Term Analysis by Valeria Bednarik

The pair remains choppy yet slightly bullish. The strong support zone around 1.7500/20 seems to be holding despite the pair attempt to break it a couple of times. The pair seems ready to make a short term bullish run just above the 1.7580 zone, first to 1.7610 and then to 1.7630, that if passed, will approach the pair to the 1.7700 zone. Under the 1.7500, not seen likely, next supports will be at 1.7459, 1.7421 and then 1.7380.

Tags: gbpusd

3 Responses to “Gbp/Usd opportunities”

on 15 Oct 2008 at 11:07 pm1Ramadass

Hi, GBP/USD fell to 1.7135 the yemp strong base at 1.7500 and even 1.7380 has been broken. Will it rebounce again and touch alesat 1.7550 today …thanks
on 15 Oct 2008 at 11:34 pm2Valeria Bednarik

Hi Ramadass! I can’t see much chances of a bullish rebound, at the moment. In one hour the Asian session will be opening, and it will depend on asian stocks; but technically, the pair has even broken the ascendant bullish channel in 4 hours charts, and quotes under the 23.6% of the Fibo posted yesterday. Right now, the pair is pointing to a bearish continuation, yet there is no certain trend to follow, as market is being drive pure on sentiment, that these days, fplis like a coin.
Regards
Val
on 16 Oct 2008 at 7:33 am3Krishna

Hi,

As long as GBP is holding above 61.8% fibb of 1.6770 to 1.7630 coming around 1.7110… we can expect a bounce towards 1.7430 levels…. if 1.7440 is broken on the upside we may see GBP going back to 1.7550

But I would say stilll USD is a good buy….especially against EUR…. see the monthly chart…. euro’s recent low 1.3258, exactly where 100 monthly mov avg is standing….. in the past whenever Eur on a monthly basis closes below 100 mov avg… we have see min 10 bigg fall futher from there…. so very well possible to reach 1.20 handle quickly than slowly considering this kind of market outlook.

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