Forex

GBPUSD-Following a turn off its recovery high at 2.0218 on Monday and a failure ahead of that level on Tuesday producing a rejection candle,GBP is likely to head further lower towards the 1.9957/71 zone, its Jan 30’08 high/daily 200 ema and possibly even lower towards its Feb 14’08 high at 1.9736 if a loss of the former occurs. Further support levels stand at the 1.9653/23, its Aug 17’07 high/.50 Ret (1.8091-2.1160 rally)/Jun 08’07 low and the 1.9507/1.9481 zone, its Weekly 100 ema/Jan 11’08 low with a clearance of there targeting its 2008 lows resting at 1.9335/63.On the other hand, halting the present nearer term weakness will turn the pair higher aiming at the 2.0218 level, its 2008 high ahead of its Dec 06’07 low at 2.0310.The weekly studies continue to support this outlook. All in all, while the present downswing remains corrective of its move off the 1.9360 low printed on Feb 20’08, resumption of its recent upmove is expected on completing the mentioned correction.

Support Comments
1.9957/71 Jan 30’08/daily 200 ema
1.9878 Sept 18’07 low
1.9753 Dec 24’07 low
1.9653/23 Aug 17’07 high/.50 Ret (1.8091-2.1160 rally)/Jun 08’07 low

Resistance Comments
1.2000 Psycho resistance
2.0218 2008 high


This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report.