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Sunday, 28 October 2012

GBP/USD H4 Update + Gann Fan + Regression Channel

So far Elliott Wave principle applies to GBP quite well but as far as I know this pair it will not last for long, LOL. :)

On Gann Fan chart we can see that GBP/USD is close to important support anlge lines. Break through this lines may result in strong move to the downside.


EDIT: I have put an alternative count in case this whole move up would end up as five wave impulsive overthrow of a wave E instead in three waves. This is why it is extremly important what way this week GBP/USD would take: blowing through any of the extremes (top/bottom) will clear the picture.


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