Friday, September 25, 2009
Elliot Waves
Having broken neckline support, the next levels of interest in the GBPUSD are 1.5800 and 1.5728. Former resistance is now potential support in the 1.6110/30 zone. The underside of the neckline is also resistance going forward.
GBPUSD Analysis – Sep 25, 2009
GBPUSD formed a short term cycle top at 1.6467 level on 4-hour chart and drops sharply to as low as 1.5916 so far. The pair is now in downtrend from 1.6467, deeper decline to 1.5600 is possible in next several days. Near term resistance is at 1.6100, as long as this level holds, we’d expect downtrend to continue.
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