Wednesday 30 October 2013

GBPUSD, double top

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The Pound (now at 1.6050) displays a double top in the daily chart that should take the pair to the area 1.5706-1.5692. Be aware that in the very short term (1-hour chart) it might bounce back to the area 1.6097-1.6109 or higher.

That should be your entry point to the target far below.


first to: 1.6097-1.6109
likely:  1.5706-1.5692
possibly: 1.56
maybe: 1.5542


The GBPUSD is in a uptrend and performed 3 waves up (out of 5). The one it's performing now is the retracement wave 4. Hence, don't expect the Pound to move down in one go.

If this analysis is correct, it will display 3 to 5 waves down (a-b-c or a-b-c-d-e).


I'm under the impression that the BOE entered with an heavy hand around 1.6260. However, it should leave the market alone as long as the pounds keeps dropping.

monthly chart - click to enlarge

weekly chart - click to enlarge

daily chart - click to enlarge

wave oscillator over the daily chart - click to enlarge

4-hour chart - click to enlarge

wave oscillator over the 4-hour chart - click to enlarge

1-hour chart - click to enlarge 

wave oscillator over the 1-hour chart - click to enlarge

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