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EURUSD: Outlook Bearish Below The 1.4844/1.5000 Levels - As a follow through lower on the pair’s collapse off the 1.5062 level saw it violating key support at the 1.4844 level.
GBPUSD: Still Vulnerable To The Downside - Although GBP maintained a positive close on Tuesday, that occurred below the 1.6466 level, its strong resistance which…
GBPUSD
GBPUSD: Still Vulnerable To The Downside.
GBPUSD - Although GBP maintained a positive close on Tuesday, that occurred below the 1.6466 level, its strong resistance which must be taken out to signal a move higher targeting the 1.6692 level, its Oct 23’09 high. Until this materializes, downside pressure is still expected towards its Sept 30’09 high at 1.6124 where a break will create scope for further weakness towards the 1.5708 level printed on Oct 13’09. Below there will set off the resumption of its short term downtrend. However, for our downside view to be invalidated, a close above the 1.6692 level will have to occur bringing further upside incursion towards the 1.6740 level, its Sept 11’09 highwhere a break higher will pave the way for a run at its YTD high at 1.7041. Our short term outlook on GBP remains to the downside. On the whole, GBP must break and hold above the 1.6692 level to reverse its current downside threats.
EURUSD
EURUSD: Outlook Bearish Below The 1.4844/1.5000 Levels
EURUSD - As a follow through lower on the pair’s collapse off the 1.5062 level saw it violating key support at the 1.4844 level, its Sept 23’09 high on Tuesday, threats of further downside is now seen towards the 1.4699 level, its daily 50 emaand its Oct 09’09 low at 1.4672. Its current weakness is coming on the back of its medium term run off the 1.2456 level to as high as the 1.5062 and with corrective declines triggered, an eventual loss of the 1.4699/72 levels could portend danger towards its LT trendlineat 1.4556. We envisage this level if seen should cap declines and push the pair back up. The daily studies are bearish and pointing lower suggesting further weakness. However, break back above the 1.4844 level is required to reduce the current downside pressure and bring further gains towards its psycho level at the 1.5000 level with a breach exposing its YTD high at 1.5062. Beyond there will trigger the resumption of its medium term uptrend. On the whole, immediate risk remains lower nearer term having collapsed through the 1.4844 level.
