well, yesterday prices rallied to 14400 and popped above only to come down. there is pretty strong resistance building around this price point.

the current wave count calls for a decline back into the 130’s possible the 13500 range, should it prove correct.


the short term action is shown on an hourly chart below.

You can see that wave ‘e’ of the triangle sits very neatly between a parallel trend channel. the two upward legs of the wave are almost equal to the pip! and the market bounced back down off the high. these are three factors which add weight to the count.

If the price rallies and comes back down off the upper trend channel, then this recent top will provide a low risk entry point to sell GBPUSD at nearby levels.

This market will be one to watch over the coming days.


Courtesy: hantecfx.com