Thursday, 23 August 2012

Has GBPUSD finished its upward move?

One of my blog followers wanted my view on GBPUSD. So I will share with you today just a few words for this pair.

From the elliott wave perspective, the pair is close or at the end of its upward correction. It has reached the 61,8% retracement after the impulsive move from 1,63 to 1,52 area. The upward correction is clearly in 3 waves and does not look impulsive. This move could already be over. A trend change downwards is expected soon. A move above 1,61 would diminish chances for the bearish scenario. Short term trend is upward but with a lot of possibility to end if not already ended. Things to watch: Top is imminent. Five lower degree waves down could be the first sign of trend change. 

Thank you for taking the time to read my thoughts. If you need further assistance with trading or just want to comment please don't hesitate to contact me.

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