WAVE GBP/USD 23 OCT 2009 TF DAILY

From the daily TF, it is look like the trend will go down searching for big correction or support for this coming week. And probably the price will going down until 1.6050. By doing the trend line from the point 1.7032 (i consider it wave 3) to the highest point last week on 23 oct 09 1.6695 ( I consider it wave 5(i) ) as the resistance. Again, doing the trend line from point 1.5987 (iv) to the point 1.5699 (c or 4) as the support. Now, we can do a few considerations about the trend whether it will UPTREND, DOWNTREND or RANGING MARKET. It is too far to make conclusion for the trend unless we see the price break at both support :-

1. channel line (which I tagged it purple colour)

2. trend line (which I tagged it yellow colour) then, we can conclude it, DOWNTREND.

Beside, the price moving up gradually until break the upper trend line or resistance(i tagged it yellow colour), most probably we can conclude it UPTREND and the price will rally up again until the BLUE area which is follow the fibo 261.8 0r 270.7. All this consideration are base on MATHEMATIC, FIBO and COUNTING WAVE. But if we consider it the trend by pchycology price, the trend look like RANGING MARKET!

Anyway i made this prediction thru my own opinion and MYWAY (lol)!