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Monday, 22 February 2016

GBP/USD H4 Analysis









General overview for 22/02/2016:

The impulsive  wave progression to the downside does not looks completed yet and more lows are expected in this par. The black line is the invalidation line for the black sub-cycle in wave (iii) and green line is the invalidation lie for the overall green impulsive cycle. There are two things worth to mention:
- please notice the corrective cycle in wave (iv) might retrace as high as the bottom for the wave (i) and the count will be still correct as the Ending Diagonal
- please notice the visible bullish divergence on H4 chart supports the view that there is a time for the corrective bounce in wave (iv) before wave (v) will unfold

Support/Resistance:

1.4056 - WS2
1.415 1- WS1
1.4245 - Black count invalidation level
1.4344 - Weekly Pivot
1.4353 - Green count invalidation level
1.445 1- WR1

Trading recommendations:
Sell orders should be placed carefully as the market might start the (iv) wave correction any time now. Nevertheless, in longer perspective, one more low is needed to complete the structure.




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