GBPUSD Weekly outlook 19th – 23rd September 2016

Like Euro like Pound. Well, this may not be the case when the US Dollar is in a sideways market and/or the EURGBP is in a trend. Nevertheless, let’a analyse the Cable using the same top-down approach used in the EURUSD weekly outlook analysis.

GBPUSD Monthly

gbpusd-m-recap-long-term-view-forecast-19-09-16-weekly-outlook

Grand Supercycle (green) Wave-Y of WXY double-three
Supercycle (blue) Wave-C of ABC ZigZag
Trend Bearish

GBPUSD Weekly

gbpusd-w-recap-long-term-view-forecast-19-09-16-weekly-outlook

Cycle (yellow) Wave-3 of 12345 Impulse
Primary (green) Wave-4 of 12345 Impulse
Trend Bearish, temporary pullback

GBPUSD Daily

gbpusd-d-recap-long-term-view-forecast-19-09-16-weekly-outlook

Intermediate (blue) preferred Wave-D of ABCDE triangle
Intermediate (blue) alternate Primary wave-4 complete with ABC flat (negates D,E waves)
Trend Sideways – possible beginning of bearish Primary wave-5 impulse

GBPUSD H4

gbpusd-h4-forecast-19-09-16-weekly-outlook

Minor (yellow) Wave-C of ABC ZigZag
Trend Bearish impulse wave-C

GBPUSD Hourly

gbpusd-h-forecast-19-09-16-weekly-outlook

Minor (yellow) Wave-C of ABC ZigZag
Minute (green) Between wave-3 and wave-4 of 12345 Impulse
Trend Bearish impulse wave-3 possible start of sideways wave-4

Conclusion

Similar to EURUSD the Cable too seems to be bearish on multiple degrees across multiple timeframes. So it would be prudent to only seek shorting opportunities and trade setups, until the wave-D of the Intermediate degree triangle is complete.

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