Friday, April 5, 2013

GBPUSD Could Hit 1.5350-1.5400 While 1.5000 Is In Place



GBPUSD found a support yesterday 30 pips above 1.5000 psychological level from where intra-day bulls lift the pair in impulsive manner back above 1.5200 level. Notice that prior that rally, pair made actually only three waves down from 1.5260 high, which is structure of a corrective move. As such, we believe that this was only wave B) pull-back, part of a three wave rally in wave (4) headed up to 1.5350-1.5400. Pair remains in bullish mode for now as long as 1.5030 support is not breached.

GBPUSD 4h Elliott Wave Analysis & Trading Levels [click here]

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