TECHNICAL ANALYSIS OF THE GBPUSD 02/07/12
GBP / USD rose to a maximum of 1.5882 during the last week before reaching a maximum temporary and consolidate. The initial bias is neutral this week for the sideway trading . The short-term perspective, however, remain cautiously bullish as long as 1.5641 support remains that (38.2% retracement of 1.6746 to 1.5234 at 1.6168). A break will confirm that whole decline from 1.6746 has completed at 1.5234 now. Downwards, the lower values to the support of 1.5641 capovolgeranno the downward bias for the support of 1.5234.
The price actions from 1.3503 are treated as consolidation to long term down trend started at 2.1161. At this point it is likely that such binding is terminated with three waves up to 1.6746 or five waves in a triangle at 1.6165. A decline is most likely around the key support of 1.4229 and a decisive break with this punch should extend down the long-term trend toward the minimum of 1.3503. Meanwhile, a strong rebound above 1.4229 or a break of 1.6165 will dampen the hypothesis and extend downward from the consolidation 1.3503.
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Excellent technical analysis, a heartfelt thanks for sharing.