GBPUSD, showdown

Hi Traders,

The pound (now at 1.5569) started a new downtrend.

TARGETS

likely: area 1.5500-1.5490
possibly: area 1.5434-1.5412
maybe: area 1.5342-1.5326
also: area 1.5220-1.5197

ELLIOTT WAVES

The weekly chart displays and a-b-c-d which is being followed by "wave e". The latter might take  the Pound to the area 1.47-1.43.

ENTRY POINT

The likely pullback should be risible. You may want to entry immediately 

NOTE

The Pound is heavily manipulated by the BOE and it's traded by expert traders on the London floor. Hence, be careful.


monthly chart - click to enlarge

weekly chart - click to enlarge

daily chart - click to enlarge

wave oscillator over daily chart - click to enlarge

4-hour chart - click to enlarge

wave oscillator over 4-hour chart - click to enlarge

1-hour chart - click to enlarge

wave oscillator over 1-hour chart - click to enlarge