28 Aug 2007

GBPUSD broke the 2.01330 support, meaning that it will head south.

But I believe this as part of the B-wave retracement.

The next support is at 2.0050. Once this sail pass, WMA5 will also sail pass EMA100 and EMA55 on the daily chart. The price will find the next support at EMA200, which is approx at 1.9900.

The Asian and the European market did well yesterday, but not he DOW. I expect some profit taking this morning and this will drive GBPUSD further south.