Thursday, 15 May 2014

GBPUSD reversing

Hi Traders,

The GBPUSD reached 1.6997 and posted a hammer candlestick, reversing its course. This fuelled a strong suspicion of an intervention by the BOE to keep the pound below 1.70 USD and to protect it from the falling EURO. 

The new trend might take the currency to the area 1.6378-1.6304 and to 1.60.



TARGETS:

likely: 1.6378-1.6304
possibly: 1.60291.5982
maybe: 1.5765-1.5709


ELLIOTT WAVES

Quite simple: all charts show the completion of 5 waves up.



CANDLESTICKS

Note the reversal "hammer" in the weekly chart


THE WAVE OSCILLATOR


The wave Oscillator displays the typical Reversal Cusps. BTW, unless the GBPUSD plunges vertically, the W.O. should deliver an entry point only after a rebound.




Monthly chart, click to enlarge






Weekly chart, click to enlarge





 Daily chart, click to enlarge





Wave Oscillator on a daily chart, click to enlarge





4-hour chart, click to enlarge





1-hour chart, click to enlarge

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