Forex free technical analysis for GBP/USD on 28/07/2010

There is little convincing acknowledgements to prove that this pair - in process of the shaping the top: the price nearly concerns 200 Day MA, she reached the old level of the wave 4 smaller degrees total completion place for wave 4 countertrend push; 2-I leg to whole correction, which began in Can fall, - Fibonacci 2.618 first leg; and average length of time forecast for wave 4 counter. As soon as decline to begin, he could send the price such low as 1.5050.
Drilling down to a lower timescale it seems there may be one last wave up on the hourly chart before a substantial decline. This may take prices to the 1.5550s. The early downward pressure this morning, however, indicates there could be a sideways corrective phase before the start of the last wave up.

No comments:

Post a Comment