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Daily Outlook

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GBP/USD

Tue, Mar 17 2009, 15:20 GMT
by Dimo Dimov

Karoll


Elliott Wave Analysis

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The rise of cable started from 1.3654 is corrective in nature and has probably finished at 1.4228. If this is the case, one should expect a deeper correction or direct fall below 1.3654. My working count is presented on the chart and it suggests further decline which could be impulsive or corrective. As long as cable stays below 1.4020, I would favor the impulsive scenario while in a case of a break above it – the corrective scenario. I do not want to lower the stop loss very close to the current market so I put it just above 1.4114 high

Trading strategy: 10:10 EST; 14:10 GMT

Short position from 1.4036, move the stop loss from 1.4140 to 1.4120, change the target from target 1.3855 to 1.3840

Trading strategy: 03:20 EST; 07:20 GMT

Sell at market (1.4036), stop loss - 1.4140 (stop and reverse), target - 1.3855

Spot British Pound vs US Dollar


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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