Tuesday 3 June 2014

GBPUSD end of the line

Hi Traders,

I'm in Sydney in June and I do 1-2-1 sessions either online (GoToMeeting) or locally (in Sydney CBD).

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Unless the pound (now at 1.6743) makes another attempt to reach my original target at 1.7036 (see monthly chart) this is the end of the line and we are heading to 1.60.


likely: 1.6378 - 1.63048
possibly: 1.6029 - 1.5982
maybe: 1.5765 - 1.5709


The daily chart shows a complete set of 5 waves. Hence, unless there's going to be a double extension (it's always possible with the Pound) the way is down.

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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