Wednesday, April 6, 2016

Intra- Day Analysis: Gbpusd at a brink

Yesterday, 5th April, we did a comprehensive analysis of the cable from the long term to intra day price actions. You can read the article here

From the medium term view, we were expecting the completion of a triangle (b) before a renewed bullish move.

The triangle was expected to be contained above 1.4080 ( now adjusted to 1.4050).

Price dipped as expected and we are now taking a closer look at the intra day Elliott wave counts.

The chart below shows that the last leg (e) of the triangle is about to be completed with a zigzag pattern with an obvious impulsive last leg.

We will expect the intra day price of the cable to dip further to 1.4080- 1.4050 level. We don't expect price to bridge this level for this analysis to be valid.

A break above 1.4172 could trigger an intra day bullish move and we may see price advancing to 1.4650, the projected level for the long term correction to complete ( as explained in the previous article)

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