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Tuesday, 21 June 2016

GBP/USD Daily and H4 Pre-Referendum Analysis









General overview for 21/06/2016:

It looks like one the market needs only a slight push towards the level of 1.4861 in order to complete the wave Y of the overall corrective cycle in wave 4. Just above this level there is an impulsive black count invalidation line at 1.5100. Any violation of this line would indicate, that wave C of the pink count is in progress and it will easily reach the level of 1.6000 in no time. But if the market reverses downside after completing the wave 4, then the GAP zone will be filled rather soon and new low, below the level of 1.3833 will be made as well.

Support/Resistance:

1.4012 - Wave X Low
1.4231 - WS1
1.4348 - Weekly Pivot
1.4385 - 1.4433 - Gap Zone
1.4687 - WR1
1.4796 - Technical Resistance
1.4824 - WR2
1.4861 - 61%Fibo of the last Swing
1.5100 - Black Impulsive Count Invalidation Level

Trading recommendations:

There is still on more wave to the downside missing and the technical outlook is BEARISH. All SL orders for bears should be placed just above the level of 1.5100 *.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. .




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