Tuesday, February 26, 2013

#GBPUSD: Pull-back Could Be Seen Towards 1.5318 Before New Sell-off



Cable fell into a new low as expected after a black wave 4 pull-back to 1.5318. Well, the latest low is now fifth wave in wave 3) which means that market may have bottomed for the near-term as coming pull-back will be another wave 4) but of one larger degree. Resistance for this wave 4) will come in around 1.5318. Bullish divergence on the RSI compared to wave 3 and wave 5 swings also suggest that pull-back is due. 


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