GBP/USD analysis for next week 23-27 October 2006

GBP/USD formed a strong bottom on 1.8520. The reversal pattern was augmented by oversold oscillator indicator.

Now GBP/USD faces a strong resistance at 1.8883 which represents the 50.0 Fibonnaci retracement from last month.

Suggestions:
Stay away from market until a reversal or continuatin of the bull trend occurs.

Expectations:
A strong reversal will occur around 1.8880 level.

 

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I will be trying to post again my analysis and my signals for the forex market on GBP/USD and EUR/USD pairs. Stay tuned for moe updates.