BIAS: We should now see a series of rallies & brief corrections…
Resistance:... 1.5222-30... 1.5247... 1.5274........ 1.5303
Support:........ 1.5183........ 1.5166... 1.5140-45... 1.5120
MAIN ANALYSIS: Price is currently en-route to 1.5222-30 followed by 1.5247 and later 1.5303. Each correction should be no more than 10-25 points. From the 1.5303 projection target the correction could be as much as 30-40 points but overall this should be the pattern of development in steps. This should see a minimum upside target around 1.5389 but could extend a little higher to the 1.5400-40 area. This to should be the final one and from where I feel we shall see the daily downtrend resume.
COUNTER ANALYSIS: Only a break above 1.5475-00 would risk breaking the bearish structure.
For more information regarding the support & resistance and medium term analysis please see the attached PDF file.
Good trading
Ian Copsey
HARMONIC ELLIOTT WAVE BLOG
Attached Files
View the original article: http://forexforums.dailyfx.com/blogs/fx-forecaster-com/16460-daily-forecast-gbpusd.html
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