GBPUSD - Mid Term Strategy (Dec 2012)

Pivot: 1.6142

Recommendation: LONG positions above 1.6190 with 1.6270 & 1.6410 as next targets.
Alternative scenario: The downside breakout of 1.6142 will open the way to 1.6050/1.5925.
Comment: After breaking above 1.6142, the way is clear towards 1.6270 levels, this level may cap the current bullish run and dip the pair to 1.6190/1.6140 levels before rising to 1.6400 levels, anyway, keep in mind any down move below 1.6142 is supposed to be contained by the key support 1.6050/1.5925 to bring rebound to 1.6400 levels, only a daily close below 1.5925 will threaten and may terminate the current bullish run and open the way to 1.5775/1.5450 levels.

Best Regards

Haitham

Views: 292

Tags: GBP/USD, GBPUSD

Comment by Haitham653 on December 18, 2012 at 5:07pm

GBPUSD also flies today to suggested target , we might see consolidation around 1.6270 before flying to 1.6400 levels..

Comment by Haitham653 on December 19, 2012 at 1:23pm

The GBPUSD flied faster than I expected , after breaking above 1.6270. the way is open to 1.6400 levels....

Comment by Francesc Riverola on December 19, 2012 at 2:00pm

Hi Haitham653... On Twitter I got a question for you regarding your last comment... what do I tell the guy?:

What about the over bought RSI?

Comment by Haitham653 on December 19, 2012 at 2:05pm

A daily close above 1.6266 will look for 1.6310, another daily close above 1.6310 will pave the way to 1.6456 , any rejection from 1.6266/1.6310 is supposed to be contained well by the support level 1.6145/1.6190 to bring another rally above 1.6310 towards 1.6450 levels..

Comment by Haitham653 on December 19, 2012 at 2:59pm

Hi Francesc

Yes RSI is on overbought, for me it's bullish momentum breakout , more gains are suggested in the nearest future, now we might see some pause or consolidation to 1.6150/200 levels  before flying to 1.6450 levels, we need at least a daily close below 1.6145 to talk about overbought or some reversal...

Comment by Francesc Riverola on December 19, 2012 at 4:43pm

thanks Haitham653... you are very helpful for everyone here

Comment by Haitham653 on December 19, 2012 at 5:02pm

Thanks Francesc..

by the way,an hourly close above 1.6306 will extend the bullish move to 1.6410 levels 

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