Great British Pound vs. Japanese Yen Trading Strategy (2010-12-17)

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December 18, 2010 9:49 AM EST

Morning Report

The consecutive daily closing below 38.2% Fibonacci retracement level of the XA leg as seen on the provided daily chart argues us to keep our bearish anticipationsover intraday basis intact. This bearish outlook is based on resuming the CD leg of the harmonic Gartley formation, which is dominated by the Fibonacci symmetry, seen on the image. Stochastic is still negative, adding further confirmation for the negative overview. A break of 130.50 will accelerated the descending movement.

The trading range for today is among key support at 127.60 and key resistance at 134.20.

The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.

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