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Tuesday, 23 August 2016

GBP/USD H4 Analysis









General overview for 23/08/2016:
(the last analysis of this forex pair can be seen here)

There is no decisive move yet on this market in either direction, but the recent update in Elliott wave progression revealed a simple impulsive downward wave development possibility that will be valid until the level of 1.3377 is not clearly violated.  If this key level is however violated, then the next target for bulls will be the gap zone ( marked as the yellow rectangle) between the levels of 1.3483 - 1.3603. The longer term outlook remains BEARISH.

Support/Resistance:
1.2729 - WS2
1.2794 - Wave 1 Bottom
1.2905 - WS1
1.3047 - Weekly Pivot
1.3229 - WR1
1.3364 - WR2
1.3377 - Invalidation Level
1.3483 - 1.3603 - Gap

Trading recommendations:
As long as the price stays below the level of 1.3377 selling the rallies up is the way to trade in this market*.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. 



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