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Sunday, 7 October 2012

GBP/USD H4, Daily & Weekly Update

This is the current labeling for this pair.

As far as price action remains ranged into great triangle teritory, we will still label this as ABCDE triangle wave 4. So far it looks like price wants to test the 1.6000 area before any attempts to go higher. If this retracment will complete in 23% - 38% Fibonacci area the prospect of wave E to the upside are greater. We might even see somewhat impulsive upthrust out of the triangle as a wave E final impulsive wave would finish.

On H4 chart there is a Leading Diagonal  wave 1 proposition.

So far Non-Linear Regression Model is going nowhere fast with little bend to the upside.

Gann Fan somewhat works quite well in providing support and resistance.


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