TECHNICAL ANALYSIS OF THE GBPUSD 11/24/11
The drop in GBP / USD from 1.6165 continues today and reaches a minimum of 1.5562. The intraday bias remains neutral and the current fall should be targeted to test the 1.5271 support. On the upside, the values above the 1.5691 resistance capovolgeranno bias in neutral and lead to a recovery. The break of 1.5887 will need to signal the completion of the fall from 1.6165. Otherwise, the near-term outlook remains cautiously bearish.
The price actions from 1.3503 are treated as consolidation to long term down trend started at 2.1161. This consolidation should be in the form of a triangle and the current development suggests that the climb from 1.5271 will be the fifth leg, the leg end of this plot. Then, the current increased from 1.5271 could extend further and the uptrend should be limited to below the resistance of 1.6746 to finish the consolidation. On the downside, a break of 1.5271 support will indicate that the down trend from 2.1161 has finally resumed at a new low below 1.3503. However, a break of 1.6746 will invalidate this vision and lead to a greater rally towards the resistance of 1.7043 and beyond.
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