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GBP/USD daily

Wed, Jul 23 2008, 15:10 GMT
by Dimo Dimov

Karoll


Elliott Wave Analysis

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chart 1

The chart shows the movement started from 2.0146. I think that it is a flat correction and could be already over. In such a case one should expect a new rise from here for a move above 2.0146. A key resistance is 2.0074. A key support is 1.9906

Trading strategy: 10:56 EST; 15:56 GMT

Long position from 1.9995, stop loss – 1.9905, target - open

Confidence level - medium

Trading strategy: 10:28 EST; 15:28 GMT

Buy at market (1.9995), stop loss – 1.9905, target - open

Confidence level - medium


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