GBP/USD had a strong week as
traders continue flee from the US dollar. The Dollar got sold off after
the Federal Reserve announced an extension of their ultra low interest
rate policy on Thursday which had traders in sell mode when it came to
the Greenback against all other currencies that we report on. The
candle closed near the highs, and this is normally an important hint of
a strong market. The 1.55 level below should now serve as a
“floor” in this pair, and the resistance can be seen at
1.57, going as high as 1.58. The market will have to make a decision
soon, and we think that the sellers could step back in. Your signal
will more than likely appear on the daily chart, and we would sell
signs of weakness in the above mentioned resistance zone. A weekly
close above that level changes everything though.
The
GBPUSD attempted to
push lower yesterday, bottomed at 1.5532 but whipsawed to the upside
and closed higher at 1.5656. This fact keeps the nearest term bullish
bias since the rejection to move consistently below 1.5270 support area
remains strong. As you can see on my daily chart below price is now
testing the trend line resistance (red) and 1.5650 – 1.5700
resistance area. A clear break and daily close above the trend line
resistance could trigger further bullish scenario testing 1.5800 even
1.6000 region. Immediate support is seen around 1.5600. A clear break
below that area could lead price to neutral zone in nearest term but as
long as stays above 1.5500 my overall intraday bias remains to the
upside.
GBP/USD
rose again on Monday as traders continue to sell off the US dollar in
general. The Pound did well against the Greenback, but only marginally
so. The rise was somewhat tempered by the 1.56 level, and we saw the
pair pullback a bit. We are still bearish of this market overall, but
think that a rise to test 1.57 again is very possible at this point
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"P&F GBP/USD1440 Box Size 250X3 or(4.33%) HI/LO Data 1.3503 - 2.1161; ~134.08; Month ~4081 Day Database 2916 records ; 1.57269 (Last Close) 2000-11-24 00~00; 2012-01-27 00~00 ~11.17 Years B J F Trading Group MDunleavy chart TORONTO CA Post Time 2012-Jan-29 17~20 (GMT+02:00) Athens" 2.1250|~25O||____________________________________+_______________________________________________|~~.~~%|57.37% 2.1000|~5OO||____________________________________11+_____________________________________________|00.76%|55.52% 2.0750|~75O||____________________________________x_o_+___________________________________________|01.94%|53.67% 2.0500|~1OOO|________________________________x___x_o___+_________________________________________|03.12%|51.82% 2.0250|~125O|________________________________7_10x_o_x___+_______________________________________|04.31%|49.97% 2.0000|~15OO|________________________________x_o_x_o_x_o___+_____________________________________|05.49%|48.12% 1.9750|~175O|____________________+___________x_o___3_x_8_____+___________________________________|06.67%|46.26% 1.9500|~2OOO|____________________x_+_________x_____o___o_______+_________________________________|07.85%|44.41% 1.9250|~225O|____________________x_o_+_______x_________o_________+_______________________________|09.03%|42.56% 1.9000|~25OO|____________x_______x_5___+_x___11________o___________+_____________________________|10.21%|40.71% 1.8750|~275O|____________3_o_x___x_o_____6_o_10________o_____________+___________________________|11.39%|38.86% 1.8500|~3OOO|____________2_o_x_o_x_o_____x_o_x_________o_x_____________+_________________________|12.58%|37.01% 1.8250|~325O|____________x_o_8_o_x_o_9___x_7_________+_o_x_o_____________+_______________________|13.76%|35.16% 1.8000|~35OO|____________1_o_x_o_x_8_x_o_x_________+___9_x_o_______________+_____________________|14.94%|33.30% 1.7750|~375O|____________x_5_x_10__7_104_x_______+_____o_x_10________________+___________________|16.12%|31.45% 1.7500|~4OOO|____________x_o_______o___o_x_____+_______o___o___________________+_________________|17.30%|29.60% 1.7250|~425O|____________12____________o_____+_____________o_____________________+_______________|18.48%|27.75% 1.7000|~45OO|____________x_________________+_______________o_____________________x_+_____________|19.66%|25.90% 1.6750|~475O|________x___11______________+_________________o_____________________8_o_x_______+___|20.84%|24.05% 1.6500|~5OOO|____2___6_o_x_____________+___________________o_x___________________x_9_11o_____x_+_|22.03%|22.20% 1.6250|~525O|____1_o_x_o_x___________+_____________________o_x_o_________________x_o_x_o_11__8_o_|23.21%|20.34% 1.6000|~55OO|____x_5_x_9_x_________+_______________________o_x_o_________________x_o_x_o_x_o_7_11|24.39%|18.49% 1.5750|~575O|____x_o_x_o_________+_________________________o_x_o_________________x_10__2_x_o_x_o_|25.57%|16.64% 1.5500|~6OOO|====x=4===========+===========================o===o=x===x===========x=====o=x=12==1=|26.75%|14.79% 1.5250|~625O|____8___________+_________________________________o_x_o_x_o_1_______x_____5_7_____o_|27.93%|12.94% 1.5000|~65OO|x___x_________+___________________________________o_x_o_x_o_x_o_____5_____o_x_____+_|29.11%|11.09% 1.4750|~675O|x_o_x_______+_____________________________________o___12x_o_x_o_x___x___+_o_x___+___|30.30%|09.23% 1.4500|~7OOO|x_o_4_____+___________________________________________o___o___o_x_o_4_+___6_x_+_____|31.48%|07.38% 1.4250|~725O|x_8_x___+_____________________________________________________o_x_o_x_____o_+_______|32.66%|05.53% 1.4000|~75OO|__o_x_+_______________________________________________________o_x_o_x_____+_________|33.84%|03.68% 1.3750|~775O|__o_+_________________________________________________________o_+_o_________________|35.02%|01.83% 1.3500|~8OOO|__+___________________________________________________________+_____________________|36.20%|~~.~~% Column|||||||4_5_1_4_5_4_1_6_5_4_7_8_3_4_7_3_9_3_5_6_3_1_4_1_4_7_3_4_4_4_3_6_4_4_1_5_4_1_8_3_4_5_|Column||||||| Count||||||||____1_______3_____________________________1___2_____________________3_____O_________|Count|||||||| YEARS||||||||O_O_O_O_O_O_O_O_O_O_O_O_O_O_O_O_O_O_O_O_O_O_O_O_O_O_O_O_O_O_O_O_O_O_O_O_O_O_1_1_1_1_|YEARS|||||||| YEARS||||||||O_1_1_3_3_3_3_4_4_4_4_5_5_5_6_6_6_7_7_7_8_8_8_8_8_8_8_8_8_8_9_9_9_9_9_9_9_9_O_O_1_1_|YEARS|||||||| MARCH||||||||1_O_O_O_O_O_O_O_O_O_1_O_O_1_O_O_O_O_1_1_O_O_O_1_1_1_1_1_1_1_O_O_O_O_O_O_1_1_O_1_O_O_|MARCH|||||||| MARCH||||||||1_3_8_2_5_7_9_3_5_8_1_1_9_O_4_6_8_8_O_2_3_5_9_O_O_1_1_2_2_2_1_1_1_3_3_8_O_2_6_1_2_9_|MARCH|||||||| DAY||||||||||2_1_1_2_1_1_2_O_2_2_O_O_O_1_2_2_O_1_1_O_1_O_1_O_2_O_2_O_1_2_O_1_3_O_1_2_2_2_2_3_O_1_|DAY|||||||||| DAY||||||||||8_6_6_4_5_5_2_3_7_4_3_5_1_1_7_3_4_7_8_5_2_9_8_1_9_3_5_3_5_2_7_3_O_2_9_6_1_2_4_O_3_4_|DAY||||||||||
