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  1. DAILY FORECAST FOR GBPUSD

    by
    FX-Forecaster.com
    , 05-20-2012 at 09:50 PM (The Daily Forecaster)
    [B]BIAS[/B]: I feel this can see a deeper pullback but not convinced we have seen the final low

    [B]Resistance[/B]:... 1.5838........ 1.5862-69... 1.5890... 1.5910-30
    [B]Support[/B]:........ 1.5772-85... 1.5757........ 1.5732... 1.5708-17

    [B]MAIN ANALYSIS[/B]: The drop below 1.5770 saw extension below 1.5747 to 1.5732. However, the manner of the decline suggests we have not yet seen the final low. In the meantime this really needs a deeper correction before it can extend back down to a more appropriate target. Thus today should see the correction higher extend above 1.5838 and to the 1.5860-90 area (allow for the 1.58910-30 congestion area) and from here the downside can resume back down to the 1.5732 ...
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