Friday, April 26, 2013

GBPUSD: Corrective Rally From March Low Could Now Extend To 1.5500/1.5600



GBPUSD finally broke higher yesterday after recent unsuccessful push through the lower support line connected from early March lows. Notice that pair closed well above 1.5407 trend-line yesterday which sets a stage for a new impulsive rally, now towards 1.5500/1.5600 area. This leg represents wave C), final sub-wave of a second zig-zag in wave II, so we must be aware of a bearish price action, most-likely next week. 


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