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Daily Outlook

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GBP/USD

Wed, Mar 11 2009, 15:10 GMT
by Dimo Dimov

Karoll


Elliott Wave Analysis

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chart 10

The chart shows the movement started from 1.4304 (6 March). I think that it is impulsive in nature and we have 5 completed waves down. If this is the case, one should expect at least corrective recovery with minimum requirement 1.3900. A key support is today’s low 1.3654 and in a case of a fall below it, I will look for an alternative count. With an eye on the possibility for a short term recovery I entered long earlier today.

Trading strategy: 03:18 EST; 08:18 GMT
Buy at market (1.3758), stop loss - 1.3650, target - 1.3900



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
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