[B]Bias: [/B] While 1.3682-00 holds any early dip we should see a pullback to 1.3824-43 before lower again
Loss of 1.3920-28 was the first sign of the upside breaking down. When GBPUSD joined the decline that sealed the move. Thus, overall I am looking for losses. However, having said that I feel there is support in the 1.3682-00 area which should hold for a correction higher. Look for bullish trade set ups in this area. From here I will be expecting a recovery back to the 1.3746 corrective high initially and after a correction the pullback should deepen to 1.3824-43. Look for bearish trade set ups in this higher area. Only above the 1.3890 pivot resistance and 1.3926 would generate a stronger recovery.
Only directly below 1.3680 would imply more direct losses through 1.3628-58 and to the 1.3599-05 area. Even if we see the 1.3843 area first I still see this 1.3599-05 area as providing a correction. Below is minor support at
1.3551 and stronger around 1.3474-07.
Please view the complete analysis in the attached PDF file.
For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are available on the Daily Forecast page of my web site in the Trader Package review. (+20 pips)
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