GBP/USD pair as predicted last week already broke the 1.3500 target at 1.3497 price on 23rd January 2009. Congratulation to all my student who achived the target point. After that it rebound and close at 1.3798 before the market end.
Before the market end at 04.00 am Malaysia Clock, GBP/USD is in consolidations mood and rebounded for 300 pip. I've expected this consolidations will continued till monday morning Malaysia Clock. If the price break at 1.4025 the candle will try to move further up to 1.4200 level. Breaking 1.4350 level that mean the market will go further up to test this year High at 1.5372.
But if it fail the canddle will when back decline to test the 24 years old Low Level at 1.3500. From here the candle will move deeper at 1.3300 Level or further to 1.3200 level.
With more news will emerge next week and expected not in favor to GBP, no doubt next week will start from monday the Market for GBP/USD will be More BEARISH to break the 24 year Low. If this happen we will see the new Low and no doubt we will see GBP/USD will meet August 1983 Low at 1.3000 Level.
THE MAJOR TREND IS STILL BEARISH - but the GBP/USD will start on bullish for continues consolidations on Friday night move, please be aware this on early morning on monday.
Until then please read all relevan analysis given to you before and try to be more discipline by referring all the indicator principle as told before. Dont forget the Basic of M30/M5/H1.
ALLAH HU. SAVE PALESTINE FOR MUSLIM WORLD.
TIP FROM DAILYFX NEXT MOVE:
Written by Jamie Saettele, Senior Currency Strategist
The GBPUSD continues to slump, having nearly touched 1.35 this morning. There are a number of valid counts from the current juncture (the decline from 1.5728 could be wave b of an expanded flat). The above count treats the decline from 1.5728 as wave 5 of the decline from 2.1160 (2007 high).
This decline is nearing its end as it is finishing up wave iii. A 4th wave correction (resistance near 1.40) may lead to one more leg down prior to a significant low is in place. A rally above 1.4347 would begin to make the picture more immediately bullish.
1 comment:
Next week's Global Economic Forum in the ski slopes of Davos should prove as a warm-up exercise for GBP-related chatter, speculation and verbal and intervention, leading to the Feb 14 G7 meeting in Rome. Having reached $1.3618, GBPUSD is increasingly expected to extend $1.30 in the medium term, a figure last seen in September 1985. Parity in EURGBP remains a more plausible target than $1.25 in GBPUSD.
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