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Daily Outlook

This report has been deactivated

GBP/USD: Sell on recovery to 2.0062 or on break of 2.0022

Wed, Apr 25 2007, 12:00 GMT
by Dimo Dimov

Karoll  |  View company's profile


Elliott Wave Analysis

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This report will be updated every Monday, Wednesday and Friday on the next schedule:

  • Daily EUR/USD Elliott Wave Outlook - Monday
  • Daily GBP/USD Elliott Wave Outlook - Wednesday
  • Daily USD/JPY Elliott Wave Outlook - Friday

GBP/USD chart

The rise of the cable started yesterday is not impulsive in nature. At first glance we have a correction of the previous fall started from 2.0131 i.e. a corrective wave. However my idea is a little different and it is presented on the chart. It suggests that there is a potential terminal impulse (ending diagonal). This pattern suggests one more rise above 2.0061 followed by a fall with an initial target 1.9955. A key resistance is 2.0095. Supports are 2.0022 and 1.9988

Trading strategy: 07:53 EST; 11:53 GMT

Sell on recovery to 2.0062 or on break of 2.0022 (sell stop order at 2.0021), stop loss - 2.0100, target - 1.9890

Confidence level - low

This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.


Archive

  • EUR/USD
    Published On Fri, Jul 10 2009, 08:23 GMT
  • EUR/GBP
    Published On Wed, Jul 8 2009, 12:29 GMT
  • EUR/USD
    Published On Fri, Jul 3 2009, 10:32 GMT
  • USD/JPY
    Published On Wed, Jul 1 2009, 07:55 GMT
  • GBP/USD
    Published On Thu, Jun 25 2009, 14:12 GMT
  • [ View All ]


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This analysis has only informational and educational purpose and does not represent a trade proposal.
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