Wednesday, February 11, 2015

SUPPORT TRENDLINE IN GBPUSD (CABLE) 11/02/15


• 1.5226: Fibonacci 61.8% for the small recovery from yesterday's low.
• 1.5196: micro term 42.9% retracement, calculated for the rising move from Feb 3rd low & bottom 1.4989 to Friday's 5-week high 1.5352. This level was tested with 100% accuracy when the price reached yesterday's daily low which was exactly 1.5196!
• 1.5171: an important support which combines the bottom of a potential wedge formation (best seen on the 15-min chart), with the micro term Fibonacci 50% retracement, calculated for the rising move from Feb 3rd low & bottom 1.4989 to Friday's 5-week high 1.5352.
• 1.5145: micro term 57.1% retracement, calculated for the rising move from Feb 3rd low & bottom 1.4989 to Friday's 5-week high 1.5352.
• 1.5128: micro term Fibonacci 61.8% retracement, calculated for the rising move from Feb 3rd low & bottom 1.4989 to Friday's 5-week high 1.5352.
• 1.5093: micro term 71.4% retracement, calculated for the rising move from Feb 3rd low & bottom 1.4989 to Friday's 5-week high 1.5352.
• 1.5041: micro term 85.7% retracement, calculated for the rising move from Feb 3rd low & bottom 1.4989 to Friday's 5-week high 1.5352.
• 1.4990: micro term 85.7% retracement, calculated for the rising move from Friday’s low 1.4951 to Friday's 5-week high 1.5352. This level has been tested with stunning accuracy not once but twice: Friday's daily low was 1.4989, and Feb 3rd daily low was exactly 1.4989!
• 1.4951: Friday's 19-month low.
• 1.4943: Mar 10th 2013 daily high.
• 1.4913: Mar 10th 2013 daily high.
• 1.4857/58: a support area made by 2 consecutive daily lows from July 2013.
• 1.4813: the yearly low for 2013, which was seen on Jul 8th. This is the lowest price seen in the past 4 & half years.

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