Wednesday, 15 May 2013

GBPUSD recharge

Hi Traders,

GBPUSD now at 1.5246.

After the top in the area 1.5600-1.5551 - check the top at "2" in the weekly chart below -  the Pound  resumed the main downtrend. It's now performing a temporary pullback.

SITUATION

Unless there's a breakout of the support at 1.5233 the GBPUSD should bounce back to the area 1.53241-.53622 where the major downtrend would resume.

SHORT TERM TARGETS:

(up) likely: area 1.5354-1.5362
(down) likely: area 1.5073-1.5159
(down): likely: 1.4984

LONG TERM TARGETS (down):

likely: 1.4777
possible: 1.4552
maybe: 1.4345

ENTRY POINT

Entry point for a short: possibly the area 1.5354-1.5362.

Please wait for a reversal candlestick and a confirmation from the "wave oscillator" - on your 4-hour/1-hour  chart - before entering your trade.

click the chart to enlarge



From the top at 52 - in the daily chart below - the GBPUSD started 5 major waves downwards. Wave 1 and 2 are already in place and we now witness the very first stage of wave 3 downward.


click the chart to enlarge



See the top of wave 2 at 5in the 4-hour chart below.  From that top the pound performed 3 waves down and it's now bouncing back to build wave 4,  up to the area 1.53241-1.53622.


click the chart to enlarge



The 4-hour chart below shows the wave oscillator. Note the last 2 vertical lines which provided the entry/exit of your trade. The last red vertical line (to the right) for the entry followed by the last black vertical line for the exit.


click the chart to enlarge


1-hour chart below. Check the targets (blue horizontal lines)


click the chart to enlarge



 Wave oscillator plotted on a 1-hour chart below. Check the targets (blue horizontal lines)


click the chart to enlarge











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