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Weekly Technical Outlook on GBP/USD by AceTrader
Updating time : 23/09/2007 23:59 GMT GBP/USD - 2.0211...Although cable fell sharply last week initially due to active cross selling in sterling following U.K. lender Northern Rock's financial woes, the British pound was able to rebound strongly fm there after the Fed cut interest rates by more than expected n also as global stock markets stabilised, leading to renewed carry trade accumulation such as in gbp/jpy. Sterling's rise fm last week's low at 1.9880 suggests the decline fm 2.0366 (Sep 12) has ended there n abv 2.0273 (80.9% r of 2.0366-1.9880) wud lend credence to this view, bring resumption of the upmove fm 1.9653 (Aug '07 low) for re-test of said res n then twds... Full Story
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Submitted Sep 24, 2007 12:28am
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Sep 24, 2007 3:28am
edited

Last edited by winterwhite, Sep 24, 2007 3:38am
 
Sep 24, 2007 3:37am
QUOTE

"has ended there n abv 2.0273 (80.9% r of 2.0366-1.9880) wud lend credence to this view, bring resumption of the upmove fm 1.9653 (Aug '07 low) for re-test of said res n then twds 2.0463 (Aug 4 high). Abv said latter res is needed to signal MT uptrend has resumed n yield eventual gain twds July '07 top at 2.0656. On the downside, below 2.0076/80 wud 'prolong' choppy trading n risk weakness to 2.0000 but only break of 1.9951 wud yield another fall twd 1.9880."

END OF QUOTE


AceTrader:


You will need to write properly if you wish others
to see your commentary as that of one who is worthy of
giving advise. If you wish to communicate information
that can be easily understood and read by the reader,
you will need to write accordingly.
 
Sep 24, 2007 12:00pm
Totally agree with winterwhite