http://www.fxstreet.com/technical/forex-forecasts/daily-expectations/2010-01-28.html
GBPUSD closed @ 16170 which was ABOVE the open and was within prior day's trading range. The High was 10 pips from Precise Trader's Hrly Level and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are MIXED and the price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 16280 holds and Daily Trend is also Sideways while 16405 holds, so expect the price to be Choppy until the breakout happens. The Daily Trend has been in a Range Trading in the last few days. The Hourly Trend has also been in a Range Trading with no clear direction ,16230-80 are the critical levels to watch to maintain the bearish outlook . On the 5 min is along the Horizontal Channel and the price patterns are suggesting no clear indication until the breakout. The Opening price principle suggests no clear indication .
BULLS: 16120 16035 15960 BEARS: 16210 16290 16330
Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.
Aggressive Traders : Trade @ the Bulls & Bears Levels Only
GBPUSD Current price: 1.6198
Very choppy last two days trading with GBPUSD making a triangle formation. It did hit 261.8% of the first wave and looked like it have completed its correction but the triangle has no bias which side we break out. Trend lines are 16230 and 16150. A break to the upside and 16315 should be the target and move lower and we should see the trend line at 16075 (note how all the oscillators are also making triangle which a slight upside bias with us being above zero)Support levels: 1.6150 1.6100 1.6077Resistance levels: 1.6230 1.6270 1.63121
GBPUSD - Went down 50+ pips to the low of the day at our Support Zone 1 (+/-) at 16110 and went up 130+ pips.
Technical Market Commentary
Technical Market Commentary
Thu, Jan 28 2010, 07:34 GMTby Abhishek Goenka
Thu, Jan 28 2010, 07:34 GMTby Abhishek Goenka
Sterling : GBPUSD is currently trading at 1.6190 levels and and is having a strong resistance of 1.6250 level (trendline Resistance). Downside correction is expected near 1.6100 levels (trendline support).Break above the trendline resistance should trigger further bullish momentum towards 1.6456 area while break below the trendline support should trigger further bearish momentum testing 1.6000/40 area before aim for 1.5800 levels.(GBPUSD – 1.6190)
Neutral
GBP/USD
Initiate shorts near 1.6240 levels stoploss 1.6280 target 1.6110 levels
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