With the recent break above 1.2700 minor resistance, the intraday bias has switched to positive, but until 1.2878 crucial level is still intact, the outlook on the senior frames will remain bearish, for 1.2430. The intraday dynamics is rather positive above 1.2700 support area with an initial minor resistance at 1.2810.
Yesterday's uptrend is still intact, currently testing 1.2880 resistance area and initial support on the downside is projected at 1.2810, followed by the crucial 1.2734. Although the bias is still positive and there are no signs of a reversal yet, I favor a downswing for a break through 1.2734, en route to 1.2623 low. An eventual clear break beyond 1.2880 resistance zone will clear the way for 1.3080 major hurdle.
With the yesterday's break above 1.2880 a bottom has been confirmed at 1.2624 and the outlook is bullish above 1.2870 for 1.3080, en route to 1.3220. Crucial on the downside remains 1.2734.
Friday's corrective slide bottomed at 1.5448 and the uptrend from 1.5234 low has been renewed, currently consolidating below 1.5570 resistance area. My outlook remains bullish for 1.5670, en route to 1.5780. Minor intraday support is projected at 1.5501 and crucial on the downside is 1.5448 low.
Yesterday's rise peaked at 1.5629 and the sell-off from that level is pretty impulsive in nature, setting the focus back on 1.5500 support area. Although the slide from 1.5629 is fast and could be mistaken as a beginning of a new downtrend, I do think, that current swings are nothing more than a corrective pattern above 1.5500 support zone and my outlook remains bullish for a rise through 1.5629, towards 1.5670 and 1.5780.
Yesterday's corrective pullback below 1.3050 bottomed at 1.2932 and the uptrend was renewed, breaking beyond 1.3050, reaching a local high at 1.3134. My outlook continues to be bullish for 1.3220 major resistance with an initial support at 1.3060 and crucial level at 1.2932 low.
Currently a minor consolidation pattern unfolds above 76.50 support area and until trading remains below 77.90 resistance level, the outlook here will be negative, for a break through 76.50, en route to 75.56. On the upside initial resistance is projected at 76.90, followed by 77.30.
Yesterday's low at 1.5655 set the final of the corrective pullback from 1.5740 and currently the uptrend is renewed, heading for a break through 1.5780, en route to 1.5880 major resistance. Initial intraday support is projected at 1.5714 and crucial on the downside is 1.5655.
Yesterday's peak at 1.3212 marked the third, unsuccessful test of 1.3230 major resistance area and the sell-off that followed broke below 1.3076 crucial level, clearly showing, that the consolidation pattern below 1.3230 comes from a senior frame.Despite the severe sell, the whole pattern below 1.3230 continues to be corrective in nature, so my outlook is bullish for a break through 1.3212, en route to 1.3360 and 1.35+. The intraday outlook is already positive and until the pair trades above 1.3090 intraday support, the bias will remain positive for 1.3230.
Yesterday's rise filled precisely my target at 1.5881 and the pair has entered a minor consolidation phase, preceding next advance towards 1.5980, en route to 1.6120. Key support is projected at 1.5790-5800 and crucial for the overall uptrend is already 1.5706. I expect reversal above 1.5800 and a break beyond 1.5860, which will set the focus at 1.5980.
Several test below 1.3230 resistance area have failed and current intraday outlook is bearish for a deeper corrective pullback towards 1.2930-1.2880 before renewal of the general uptrend towards 1.34+. Current slide from 1.3205 is now testing 1.3030 support area and a violation of that level will set the focus at 1.2930. Major resistance on the upside can be spotted at 1.3110, followed by 1.3230.
The recent break above 1.3230 confirms, that the consolidation pattern above 1.3030 is already over and the overall uptrend is renewed, towards 1.3540 major resistance. The intraday bias is positive as well, supported at 1.3210-30, heading towards 1.3360 mark. Crucial on the lower frames is 1.3160, followed by the major one at 1.3030.
Although yesterday's sell-off from 1.5930 high was pretty impulsive in nature, it couldn't break below 1.5790 support and until the crucial low at 1.5730 is intact, the uptrend here should be considered on track for 1.6120. Initial intraday resistance is projected at 1.5870 and I expect a break beyond that level to unleash a rise for 1.5980, en route to 1.6120.
GBP/USD
February 10, 2012 - Current level - 1.5785
Obviously the consolidation pattern below 1.5930 is still underway and I believe, that the recent slide from 1.5885 is its third, final leg, so a reversal should be expected for a rise towards 1.5980, en route to 1.6120. Crucial on the upside is intraday's resistance at 1.5885.
Friday's sell-off broke below 1.3230 intraday support, dipping to 1.3160 break out level. I think, that the mentioned slide is corrective one and the outlook remains bullish for a break through 1.3321, towards 1.3450, en route to 1.3540. The intraday bias is positive as well, with a crucial support at 1.3210.
The downtrend from 1.5930 high is still intact and yesterday it managed to test 1.5630 support area. I do think, that the mentioned slide is a corrective one and I expect an uptrend to emerge above 1.5630, for a break through 1.5770, en route to 1.5930.
With the recent break through the crucial 1.3030, a top has been confirmed at 1.3321 and the bias has switched to bearish for 1.2870 support area. The intraday outlook is negative, with an initial resistance at 1.3040 and crucial area around 1.3100, for a slide towards 1.2870.
Yesterday's sharp reversal at 1.2975 has neutralized the negative outlook and current bias is undoubtedly bullish for a break through 1.3190, en route to 1.3321. Initial support is projected at 1.3098.
Today's high at 79.90 is practically a precise test of the major resistance area on the weekly chart, projected around the sentiment 80.00 level. Due to the significance of the mentioned resistance I favor a reversal for a slide towards 78.20 important support. The intraday outlook is slightly negative already with a crucial level at 79.60. Initial minor support is projected at 79.17.
