Elliott Wave GBPUSD Elliott Wave GBPUSD
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Forex Elliott Wave GBPUSD


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ELLIOTT WAVE GBPUSD TRADING STRATEGIES - TECHNICAL ANALYSIS EXAMPLE

Elliott Wave GBPUSD Intraday Chart

Thursday, 9 June 2011 at 6:20:00PM AEST

Cable found the bid ahead of the BOE, but as the wave count shows, these legs higher still show possibility of a corrective rise from 1.6286 lows. Resistance of a current third leg from 1.6379, is seen round 1.6500.

Elliott Wave GBPUSD: A break well above the upper channel resistance line will suggest that wave (b) is already done at 1.6286.



Elliott Wave GBPUSD 4 Hour Chart

Thursday, 9 June 2011 at 4:25:00PM AEST – sideways price action; wave (b)

Elliott Wave GBPUSD is trading up and down on the intra-day basis, actually since the pair found the support at 1.6280 from where a three wave bounce occurred. We know that this structure is evidence of a corrective pattern, and as such, we still believe that wave (b) is unfolding here, with potential fall below 1.6280 over the next few sessions, while pair trades below 1.654.



 
Elliott Wave GBPUSD Daily Chart

05 June 2011 – top in place, or just corrective reversal?!

Elliott Wave GBPUSD was one of the best performers in the past two weeks as prices bounced sharply from the 2009 and 2010 support lines and formed an impulsive rise from there, which definitely threatens our bearish outlook presented recently. However, either is the pair headed above 1.6748 or not, we expect a three wave structure from 1.6050 that we also are monitoring on 4h review!

If 1.6748 is out, then we will look for more upside in days and weeks ahead, towards 1.7!

 
Elliott Wave GBP USD Weekly CHart

28 May 2011 sideways within wave (B)

Elliott Wave GBPUSD A huge decline from 2.1160 is unfinished as we can count only one impulse move down that bottomed at 1.3500, labelled as a blue wave (A). With this being said, dollar has still a lot of room to move higher against the sterling in the future, before a Gbp weakness can be completely reversed. As such move below 1.3500 is expected, the only question when a corrective blue wave (B) will finish!?

Well, a powerful reversal from 1.4200 region seen in May 2010 suggests that a decline from 1.7014 was just another corrective leg, a possible wave X), or leg that is part of a contracting triangle. Currently we are monitoring a double zig-gaz possibility with 1.7700-1.800 test yet to come.
If pair will reverse sharply from any reason down below blue support line while 1.7040 resistance holds, then we will likely look for an alternate count; incomplete triangle.

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