Wednesday, 19 June 2013

GBPUSD, two-step pattern

Hi Traders,

The GBPUSD has almost completed a quite large two-step pattern upwards - see daily chart -, a retracement upwards named 5-3-5 by Elliott.


The Pound is expected to rally to the area 1.5826-1.5911 to complete the two-step pattern  - see daily chart - where it should reverse to start a major downtrend.


Daily chart: the area 1.5826-1.5911. Then a new downtrend to well below 1.50
NOTE: if the downtrend stops at the support around 1.5412, this would change radically the wave scenario

Monthly chart. Click to enlarge

Weekly chart. Click to enlarge

Daily chart. Click to enlarge

4-hour chart. Click to enlarge

1-hour chart. Click to enlarge

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