{lang: 'en-US'} GBP/USD Weekly Update ~ ElliottFxTrader Blog

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Saturday, 2 February 2013

GBP/USD Weekly Update

So  far the search for a true breakout out of triangle pattern looks good: we got some impulsive development to the downside and if cable will break the triangle trend line we can expect more downside movement after a wave 2 correction.
Nevertheless, if GBP/USD will not brake the lower trend line we may label the wave down as X and expect another wave up - wave Y. This one might even be thown - over the upper triangle boundary as it can be seen on this Weekly chart:

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