USDGBP uptrend

Hi Traders,

It's not a mystery that the Pound is commonly named "the b...ch" by traders. It can be really tricky, you wouldn't disagree.

I have to confess that I was abit too complacent last night and I was stopped out.

But I am sort-of-excused as I witnessed too many irregular formations on the Pound in the last 5 years in terms of:

• unusually complex retracement formations
• unusual high number of double-triple tops and bottoms
• uncommon number of broadening formations

In practice the GBPUSD gave me quite a hard time but, in positive terms, I think that this is part of my never-ending learning curve.

ANALYSIS

Although the GBPUSD (now at 1.6616) is heading to 1.6763-1.6820 and maybe 1.7045-1.7186, it might stage a limited retracement very soon.

TARGETS

likely: area 1.6763-1.6820
possibly: 1.6880
maybe: area 1.7045-1.7186

ELLIOTT WAVES

The monthly and weekly charts show that this is the last wave up (wave 5). The daily chart shows that this is the 5th of the 5th. Hence: watch carefully the 4-hour and the 1-hour chart to spot the end of the trend.

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