The pair has set a local bottom at 1.5301 completing theslide from 1.5844. Technical indicators are neutral. Trading takes place above 50- day SMA, currently projected at 1.5609.
Previous week was totally positive for the pair, as it advanced well above 1.5767. We think there is no chance , that the recent rise from 1.5301 is a corrective one, so a break above 1.5844 is expected to challenge 1.5915 and 1.6019 later on. Breaking beyond 1.5844 will signal, that the general uptrend has been renewed, for 1.6131 and 1.6566 in the weeks to come. Intraday a reliable support has been built at 1.5777 and the pair is heading towards 1.5844. Crucial for the current uptrend is 1.5537. Today's strategy: Buy at current levels with an intraday target at 1.5841 and second one at 1.5936, stop below 1.5777.
30 June 2008 Current level - 105.52 The pair is in a corrective uptrend from the 95.75 short-term bottom. Technical indicators are rising slowly and the upmove is dynamically supported at 104.74. The inner structure of the rise is by all means a corrective one, so from a larger point of view the overall downtrend from 124.14 is not over yet.
The acceleration of the downtrend has denied the possibility, that a final spike high around 109.30 is still possible and it is clear, that a mid-term top is set at 108.59 and current slide is aiming at 102.63 and 100.06 later on. Brief consolidation between 104.73 and 105.85 is acceptable, before renewing the sell towards 102.63. Today's strategy: Sell rallies to 105.85, stop above 106.48, targets at 103.87 and 102.75.
The downtrend from the 2.0397 local top has reached low at 1.9374. Technical indicators are reversed on the 4 h. chart and the trading is situated between the 50- and 200-day SMA, currently projected at 1.9685 and 1.9983.
Major break took place last week at 1.9851 and that was a clear sign, that the 1.9338-1.9851 range has already ended. This will automatically set present target at 2.0274 in the days to come. As expected, there was a sharp retest of the 1.9791 support and after hitting an intraday low at 1.9803, GBP/USD advanced beyond 1.9891 to 1.9965. Today's strategy : Stand aside.
These analyses are for information purposes only. They DO NOT post a BUY or SELL recommendation for any of the financial instruments herein analyzed. The information is obtained from generally accessible data sources. The forecasts made are based on technical analysis. However, Deltastock’s Analyst Dept. also takes into consideration a number of fundamental and macroeconomic factors, which we believe impact the price moves of the observed instruments. Deltastock Inc. assumes no responsibility for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person's reliance upon the information on this page. Deltastock Inc. shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation, losses or unrealized gains that may result. Any information is subject to change without notice.
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