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Tuesday, 18 October 2016

GBP/USD H4 Analysis Update









General overview for 18/10/2016:
After the flash-crash ( labeled as the wave 3 on the chart) the market is now developing a corrective structure in wave 4. So far three waves are almost done, but the market might evolve into more complex and time-consuming structure like triangle any time soon. The line in a sand for bears seems to be the 38%Fibo at the level of 1.2509 and this is the level where the market might terminate the correction. The longer-term bias is still bearish.

Support/Resistance:
1.1933 - Swing Low
1.1989 - WS1
1.2091 - Wave b Bottom
1.2215 - Weekly Pivot
1.2346 - WR1
1.2509 - 38%Fibo
1.2580 - WR2

Trading recommendations:
Swing traders should still keep the sell orders as the impulsive wave progression to the downside hasn't been completed yet.
Day traders should look for entry to sell on rallies*.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.




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