GBP Updates

[MDunleavy]

GBP/USD: Eyes Range Support at 1.57 - Throwback Offers More Bearish Confirmation

4H: The GBP/USD was showing strong reversal signals, yesterday breaking below 1.62. In the Asian session and early European session, the market had a throwback from 1.6130 to 1.6270 before a heavy drop leading into the US session.

The throwback confirms bearish mode, but we may end the week seeing support at the the channel support level near 1.6050. The stochastic might develop a bullish divergence if this area holds. The market is also at the 61.8%-78.6% retracement zone.

Daily: The daily shows three consecutive sessions of strong bearish action. It looks poised to continue next week.

With this in mind, looking back at the 4H chart, a rally from the 1.6050 level should be expected as a correction rally. The bearish projection in the short/intermediate term is still the 1.57-1.58 area.[Written by CMS Forex]

"P&F GBPUSD1440 Box Size 240X4 or(5.51%) CLOSE
Data 2.1065 - 1.3771 ~ 92 Month ~ 2797 Day
Database 2000 records 1.61112 (Last Close)
2002-05-27 00~00
2010-01-22 00~00 (GMT+01:00) Paris
BJF Trading Group chart"

2.1120|~24O||____________________________________________________|-0.26%|53.37%
2.0880|~48O||________________________x___________________________|0.88%|51.62%
2.0640|~72O||________________________x_o_________________________|2.02%|49.88%
2.0400|~96O||________________________x_o_________________________|3.16%|48.14%
2.0160|~12OO|________________________x_o_x_______________________|4.3%|46.39%
1.9920|~144O|________________________x_o_x_o_____________________|5.44%|44.65%
1.9680|~168O|________________________x_o_x_o_____________________|6.57%|42.91%
1.9440|~192O|________________x_______x_o_x_o_____________________|7.71%|41.17%
1.9200|~216O|________________x_o_____x_o___o_____________________|8.85%|39.42%
1.8960|~24OO|________x_______x_o_____x_____o_____________________|9.99%|37.68%
1.8720|~264O|________x_o_x___x_o_____x_____o_____________________|11.13%|35.94%
1.8480|~288O|________x_o_x_o_x_o_____x_____o_x___________________|12.27%|34.2%
1.8240|~312O|________x_o_x_o_x_o_x___x_____o_x_o_________________|13.41%|32.45%
1.8000|~336O|________x_o_x_o_x_o_x_o_x_____o_x_o_________________|14.55%|30.71%
1.7760|~36OO|________x_o_x_o_x_o_x_o_x_____o_x_o_________________|15.69%|28.97%
1.7520|~384O|________x_o___o___o_x_o_x_____o_x_o_________________|16.83%|27.22%
1.7280|~4O8O|________x_________o___o_x_____o___o_________________|17.97%|25.48%
1.7040|~432O|________x_____________o___________o_________________|19.11%|23.74%
1.6800|~456O|====x===x=========================o=========x===x===|20.25%|22%
1.6560|~48OO|____x_o_x_________________________o_________x_o_x_o_|21.39%|20.25%
1.6320|~5O4O|x___x_o_x_________________________o_x_______x_o_x_o_|22.53%|18.51%
1.6080|~528O|x_o_x_o_x_________________________o_x_o_____x_o_x_o_|23.66%|16.77%
1.5840|~552O|x=o=x=o=x=========================o=x=o=====x=o=x=o=|24.8%|15.02%
1.5600|~576O|x_o_x_o___________________________o_x_o_____x_o_____|25.94%|13.28%
1.5360|~6OOO|x_o_______________________________o___o_____x_______|27.08%|11.54%
1.5120|~624O|x_____________________________________o_____x_______|28.22%|9.8%
1.4880|~648O|x_____________________________________o_x___x_______|29.36%|8.05%
1.4640|~672O|x_____________________________________o_x_o_x_______|30.5%|6.31%
1.4400|~696O|______________________________________o_x_o_x_______|31.64%|4.57%
1.4160|~72OO|______________________________________o_x_o_x_______|32.78%|2.82%
1.3920|~744O|______________________________________o_x_o_x_______|33.92%|1.08%
1.3680|~768O|______________________________________o___o_________|35.06%|-0.66%
Column|~792O|8_4_6_5_146_5_5_8_9_4_5_167_4_125_134_115_5_135_5_4_|
Count



BJF-Trading-Group_Excel_Chart

[MDunleavy]

GBP/USD closed higher due to short covering on Tuesday signalling a possible end to the two-day bounce off the 50% retracement level of the 2008-2009-rally crossing. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are diverging but are turning neutral to bearish hinting that additional weakness is possible. If it extends the decline off January's high, the 62% retracement level of 2009's rally crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.[Written by HY Markets]

"P&F GBPUSD1440 Box Size 250X3 or(4.33%) HI/LO
Data 2.1161 - 1.3502 ~ 92 Month ~ 2799 Day
Database 2000 records 1.54478 (Last Close)
2002-06-27 00~00
2010-02-24 00~00 (GMT+01:00) Paris
BJF Trading Group chart"

2.1250|~25O||_____________________________________|-0.42%|57.38%
2.1000|~5OO||_________________X___________________|0.76%|55.53%
2.0750|~75O||_________________Xo__________________|1.94%|53.68%
2.0500|~1OOO|_______________X_Xo__________________|3.12%|51.83%
2.0250|~125O|_______________XoXoX_________________|4.31%|49.98%
2.0000|~15OO|_______________XoXoXo________________|5.49%|48.13%
1.9750|~175O|_______________Xo_oXo________________|6.67%|46.27%
1.9500|~2OOO|_________X_____X__o_o________________|7.85%|44.42%
1.9250|~225O|_________Xo____X____o________________|9.03%|42.57%
1.9000|~25OO|_____X___Xo__X_X____o________________|10.21%|40.72%
1.8750|~275O|_____XoX_Xo__XoX____o________________|11.39%|38.87%
1.8500|~3OOO|_____XoXoXo__XoX____oX_______________|12.58%|37.02%
1.8250|~325O|_____XoXoXoX_Xo_____oXo______________|13.76%|35.17%
1.8000|~35OO|_____XoXoXoXoX______oXo______________|14.94%|33.31%
1.7750|~375O|_____XoXo_oXoX______oXo______________|16.12%|31.46%
1.7500|~4OOO|_____Xo___o_oX______o_o______________|17.3%|29.61%
1.7250|~425O|_____X______o_________o______________|18.48%|27.76%
1.7000|~45OO|=====X================o==========X===|19.66%|25.91%
1.6750|~475O|___X_X________________o__________XoX_|20.84%|24.06%
1.6500|~5OOO|_X_XoX________________oX_________XoXo|22.03%|22.2%
1.6250|~525O|_XoXoX________________oXo________XoXo|23.21%|20.35%
1.6000|~55OO|_XoXoX________________oXo________XoXo|24.39%|18.5%
1.5750|~575O|oXoXo_________________oXo________Xo_o|25.57%|16.65%
1.5500|~6OOO|oXo===================o=oX=X=====X==o|26.75%|14.8%
1.5250|~625O|o_______________________oXoXoX___X___|27.93%|12.95%
1.5000|~65OO|________________________oXoXoXo__X___|29.11%|11.09%
1.4750|~675O|________________________o_oXoXoX_X___|30.3%|9.24%
1.4500|~7OOO|__________________________o_o_oXoX___|31.48%|7.39%
1.4250|~725O|______________________________oXoX___|32.66%|5.54%
1.4000|~75OO|______________________________oXoX___|33.84%|3.69%
1.3750|~775O|______________________________o_o____|35.02%|1.84%
1.3500|~8OOO|_____________________________________|36.2%|-0.01%
Column|||||||3545416547834739356314147344436441545|
Count||||||||_____3______________1_2__________3___|



BJF-Trading-Group_Excel_Chart