GBP/USD 11 January 09

Daily

The price are under the cloud price are just sitting below the bottom of the cloud, the 2 sen are
showing donwtrend as they are below the cloud, and Kijun Sen is above Tenkan Sen(red).

Chinkou Span is working below the cloud, but is above the price now.

Ichimoku are showing bear trend even if we are close to the bottom of the cloud.

The EMA are showing downtrend too, but MACD and RSI are showing both bullish divergence,

cable seems to be capped at the present time by the EMA 50 @ 1.5330

If we arrive to break this level we could have traget based on Fibonacci( from 25 Oct08 @ 1.8667 and 31 Dec 08 @ 1.4349).

38.2% 1.5990

50% 1.6500

61.8% 1.7010

But before that we have to breakout 1.5330 and also 1.5725, but I am sure that if we break 1.5330, we are going to errase 1.5730 area.

Current price 1.5160

Long cable @ 1.5329 SL 1.4925

I will not open a short position before the break out of 1.4357 this month.

Weekly

It s simple every analysis is bearish

Just an observation, in using only the ichimoku, we ought to be short from 1.9726 from 27 July week and we should have been stay short even today.