GBP/USD: Should See A Correction Lower
Ian Copsey | Feb 25, 2015 11:14PM ET
INTRADAY CHART
BIAS: While 1.5498-05 supports we should see gains above 1.5533 to 1.5545-56 en route 1.5570-80 (approx)
Resistance: 1.5533 1.5545-56 1.5570-80 1.5600-15
Support: 1.5498-05 1.5482 1.5466 1.5445
MAIN ANALYSIS: The break above 1.5480 has seen progress to the 1.5535-40 resistance mentioned yesterday. We should now see the 1.5498-05 area hold any correction to see the rally resume towards 1.5545-56 for a correction of around 20 points (approx) and then higher towards the 1.5570-80 area (max 1.5600-15.) This should see a correction lower.
COUNTER ANALYSIS: Thus, any earlier direct break below 1.5490would confuse. However, note the 1.5466-82 area as possible support. Below 1.5460 would look a lot more bearish.
MEDIUM TERM ANALYSIS:
26th February: Gains have resumed and have potential to 1.5570-80 for a correction before heading up to the 1.5642-60 area at least - possibly even 1.5687. This would still be an intermediate projection target so following a correction there will be a higher high - potentially to the top of the daily consolidation range around 1.5700-50.
Only back below 1.5466 would take this back into range
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