Forex

GBPUSD-Hesitation ahead of the 1.9957/71 zone, its Jan 30’08 high/daily 200 ema has seen the pair weakening to as low as 1.9719 in early morning trading today. While the former zone holds, further weakness is expected through its Feb 14’08 high at 1.9736 followed by the 1.9653/23,its Aug 17’07 high/.50 Ret (1.8091-2.1160 rally)/Jun 08’07 low and next the 1.9507/1.9481 zone, its Weekly 100 ema/Jan 11’08 low. A clearance of the latter will put the pair’s recovery off the 1.9360 low in danger of being reversed which should then target its 2008 lows standing at 1.9335/63.Conversely,if a halt in the current weakness materializes then another attempt at the 1.9878 level, its Sept 18’07 low ahead of the 1.9957/71 area, its Jan 30’08 high/daily 200 ema.A break and close above there will trigger further upside gains towards the 1.2000 level, its psycho resistance and later the 2.0112 level, its double bottom price objective. The weekly studies remain supportive of this view. On the whole, GBP may weaken further following its hesitation ahead of the 1.9957/71 zone which is in line with medium term downtrend.

Support Comments
1.9753 Dec 24’07 low
1.9653/23 Aug 17’07 high/.50 Ret (1.8091-2.1160 rally)/Jun 08’07 low
1.9507/1.9481 Weekly 100 ema/Jan 11’08 low
1.9335/63 Jan 22’08/Feb 20’08 lows

Resistance Comments
1.9878 Sept 18’07 low
1.9957/71 Jan 30’08/daily 200 ema
1.2000 Psycho resistance
2.0112 Double Bottom Price Objective


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