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GBP/USD: Looking For Losses To Resume Soon

ByIan Copsey
Published 06/28/2013, 12:53 AM
Updated 07/09/2023, 06:31 AM
GBP/USD
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NOTE
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BIAS

: We should be looking for losses to resume soon

Resistance: 1.5265 1.5280-96 1.5320-25 1.5345-50
Support: 1.5240 1.5201-20 1.5185 1.5150-55

MAIN ANALYSIS: We didn't get the minor new low but did see the correction move to the 1.5340-70 area. I hadn't expected the downtrend to resume so quickly and it did so with a flourish to reach 1.5201. From there we have seen a slow correction but I see the upside limit at 1.5280-96. From there we should see losses back to around the 1.5201 low (approx) followed by a correction and then lower to reach 1.5074. Here we should see a decent correction higher.

COUNTER ANALYSIS: Thus, only a direct break back above 1.5300-10 would risk further gains although the structure will then be quite confusing. Note the 1.5345-50 resistance and the 1.5396 corrective high.

MEDIUM TERM ANALYSIS:
28th June: Yesterday's more direct losses have provided stronger information and it seems my downside targets may well have been a little too aggressive. Thus, while the 1.5265-96 area caps it looks like we'll see losses to the 1.5074 projection to be followed by a correction of around 130-160 points.

Only back above 1.5350 and 1.5396 will break this outlook.

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