GBPUSD represents two of the most powerful economies in the world. Popularly known as the ‘Cable,’ is traded in the exchange market in high volumes. Arguably the second most popular currency pair among retail traders.
C wave impulse is due and should break above the upper boundary. The major bearish trend continuation is expected to commence with the C wave completion. However, there is also the possibility for the correction to continue longer, even after the completion of the ABC structure. But the important takeaway from this Elliott wave count is that any long trades should have very small targets and the bearish side is not yet ready for short trades.
GBPUSD with a different vantage point Reading a chart is not so easy. And even so difficult when higher timeframes show a completely different story. That is why top-down analysis has considerable preference among traders. Monthly view with the TradePips custom indi It is obvious that the trend has been (and still is) bearish for few years … Read more
Whatever happened to volatility. It’s amazing how price can get squeezed in one place, even with high impact news hitting the wire. There is only one conclusion. All major economies trying to make a move in the same direction. But if that is the case, there is only one outcome – more sideways price action. GBPUSD … Read more
Cable recap… Hey pips! Hope you bagged plenty of pips last week. Not that the cable was trending. Far from it. However, the market is never short of opportunities. GBPUSD was not in my prioritized list of instruments for trading yet. As ya’ll know, the cable is in a huge correction since July. Nevertheless, if … Read more
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 Grand Supercycle (green) Wave-Y of WXY double-three Supercycle (blue) Wave-C of ABC ZigZag Trend … Read more
Correction of the Cable continues Like Euro like Pound. I don’t usually comment on correlation of instruments. Because correlation is subjective and hindsight. Though in this case a different type of correlation has emerged between EURUSD and GBPUSD. That is because Euro and the Cable are both dancing on the fence between a triangle and a ZigZag as the … Read more
Correction continues GBPUSD continued to be bullish during last week with a net of approx. 180 pips. But this does not yet invalidate the triangle structure. However, the more momentum price gets to the up side, more likely the corrective structure will be a ZigZag. One hour chart The ongoing correction has a long way … Read more
GBPUSD is at the verge of a very lucrative trading opportunity. If you remember, las week I posted about the possible bull market continuation. If you missed it, here it is: GBPUSD Elliott wave analysis and weekly outlook – 22nd – 26th August 2016. Although we got the bull market, we did not get the expected deep pullback. On the other … Read more
Correction in Cable continues GBPUSD has shown signs of a final C wave in progress, to complete an ABC correction in the Intermediate degree. The issue with US Dollar pairs is that most of them are within large corrective structures; mainly because the Dollar index is in a large corrective structure as well. Fortunately we have the Elliott … Read more
Failing Gartley The Gartley pattern did not playout as expected last week. But it wasn’t enough to warrant a change in the wave analysis. So the wave count stays the same. Although the market did not reverse at the 78.6% fib (to produce a perfect Gartley,) the pattern is still valid as price has not yet closed below … Read more