GBP has recovered against the USD but not for long. We still see only three wave rally from the low as shown on the updated count. As such, bearish waves should not be ignored yet, especially as wave C seems like completed rally around 1.5825. Further weakness is expected, but would love to see a break beneath the channel line to confirm new impulsive weakness in progress.GBPUSD 4h Elliott Wave Analysis…See More
This week's price action has been caught within a narrow range. Around the 13 day moving average and the daily Ichimoku Cloud this is a consolidation after last week's powerful decline. A lack of follow through in either direction means that immediate signals for sentiment are not strong but it is the upside failure that means 3cA intraday studies are negative with potential to .7907 and .7897.…See More
GBPUSD:Sterling prices lowered against the US dollar since yesterday. It seems that this pair is again under a great selling pressure. This pair is testing its support near 1.5692 for day trading. Once more bearish week for sterling, this pair is little supported above 1.5705 by a bullish trend line. So this pair can be bought at current price with a little stop loss.Recommendations:Buy near 1.5708, Expected Targets 1.5750, Stop Loss 1.5690, Sell Stop 1.5680.GOLD:Gold prices are ticked down in…See More
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