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[B]BIAS[/B]: This still seems top have legs for the 1.0136-58 area before a correction

[B]Resistance[/B]:... 1.0212... 1.0229... 1.0250... 1.0270-80
[B]Support[/B]:........ 1.0178... 1.0158... 1.0136... 1.0108

[B]MAIN ANALYSIS[/B]: Losses develop as expected reaching the 1.0179 area before a correction and I feel there is still one more leg to come in the particular wave that should see the 1.0229 cap for the downside to extend to the 1.0136-58 area. Look for a correction from this area that should move back to the 1.0220-50 area that would then risk another push lower.

[B]COUNTER ANALYSIS[/B]: Only an earlier break below 1.0130 would see losses extend down through 1.0108 to the next ...

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AUDUSD breaks below 1.0240 support, suggesting that a cycle top has been formed at 1.0328 on 4-hour chart. Further decline would likely be seen over the next several days, and the target would be at the lower line of the price channel. As long as the channel support holds, the price action from 1.0223 is treated as consolidation of the longer term uptrend from 0.9581, and one more rise towards 1.0600 is still possible.



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The British pound lost close to two cents against the US dollar as GBP/USD closed at 1.5484. The upcoming week has eight releases, including Manufacturing Production. Here is an outlook for the upcoming events, and an updated technical analysis for GBP/USD.

The Bank of England maintained interest rates at 0.50%, but did inject 50 billion pounds in QE, for a total of 375B. Weak US employment numbers also helped the dollar, as investors sought safe havens due to the turmoil in Europe and the ECB interest rate cut.

Read the rest of the article [B][I][URL="http://www.forexcrunch.com/gbpusd-outlook-july-9-13/"]GBP/USD Outlook July 9-13[/URL][/I][/B]