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Daily Outlook
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GBP/USD: Confidence level; changed from low to high
Wed, May 23 2007, 13:47 GMT
by Dimo Dimov
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
The fall started from 2.0131 is obviously corrective in nature. I think that it is in the position of wave 4 of a terminal impulse which could be already over. If this idea is correct, we should be in the beginning of wave 5 for a new high. I managed to enter long earlier today and my position is currently on 100 pips profit. However I will not close it because the upside potential is very huge. Also if I close it, there could not be a possibility to re-enter long with a relatively close stop loss. A key support is 1.9768 and I moved the stop loss of the long position below it. There is a possibility for some corrective retreat from current levels and if this happens, one could enter long or add to the long positions with a stop loss below the said support.
Trading strategy: 08:33 EST; 12:33 GMT
Long position from 1.9761, move the stop loss from 1.9721 to 1.9765, target – 2.0150
Confidence level – changed from low to high
This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.
Published on Wed, May 23 2007, 13:48 GMT
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