Monday, January 18, 2016

Intraday Analysis: Gbpchf

In the last two videos I updated, I noticed that Gbpchf is in the process of a 5-wave impulse bearish move after breaking out the long term ending diagonal in the article titled All Eyes On Gbpchf

The 5th wave of this impulse wave appears to be an ending diagonal as seen in the chart below.

If price completes the leg and breaks above the ii-iv connecting resistance trendline as shown in the chart above, there will be a good buying opportunity . Price will be expected to move towards 1.4800 level.

Price is expected to be supported by 1.4160. A break below will make this forecast invalid.

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