GBPUSD short term outlook
8 December 2010
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After rallying back sharply to 1.5380, the Pound has come off in what looks like a five-wave pattern. The final leg of these five waves is likley to be completed soon, and so we should get ready for a recovery back towards the previous fourth wave around 1.5110. So trade accordingly. The prior low at 1.4780 offers key support, while even 1.4835/50 can hold up. | |
If you'd like to see how I work through GBP/USD in real depth, I cover this in Module 9 (GBP/USD).