USDCHF, USDJPY, AUDUSD, USDCAD and of course GBPUSD and its high correlated mate EURUSD. Those are the pairs that I follow. I could post an update from all of those but in my current situation I don't see it possible.
Returning to our main analisys, GBPUSD. Below is the weekly chart. To have a bigger picture of the analisys, and due my lack of time to update the blog, this timeframe is adecuated.
I'm not really convinced of patterns but I've read about people that are very good at it. A few months ago I assumed that we had a bullish Gartley but price continues to go lower and lower. Remembering some elliot theory, we only have either, an impulsive (5legs) or a corrective waves (3legs). If we consider this, and if we assume that a downward five-wave impulsive movement is completed, then we must expect an upward corrective three-wave movement. Bad news for the pound due this could mean that price should go a little high right now, but then a sharp decline could happen, to test the previous lows and even break them.
Next is the daily.
Once again, I've labeled some minor e-waves. I know, I know... there is a mistake, but market analisys is not a exact science. One level that I would like to remark is the 1.4478/73 obtained from the 1.414 fib extension from last swing, and 1.0 fib projection from wave-1. Price crashed just in between @1.4475
Next is the 240 chart
Here I didn't post any note due is just to view what price have done since my last analisys. I leave that channel and even a trend line, which seems that acted like a resistance level later (support became resistance). By now, those lines are not valid. I shrank a little bit the chart to include all price movement till today. We can see a 3-wave upward movement, though. Does this mean that price should retrace?
Next post will be an update for my forecast, although I don't like that word. There's not such thing!
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