{lang: 'en-US'} GBP/USD 2017 Analysis - H4 ~ ElliottFxTrader Blog

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Wednesday, 4 January 2017

GBP/USD 2017 Analysis - H4









General overview for 04/01/2017:

The impulsive cycle from 1.2790 highs looks completed and now the market is in the corrective cycle. There is still one more wave down missing in the overall impulsive structure, so the price should take out the wave 3 low at the level of 1.1933 sooner or later. Moreover, on the intraday time frame, the most important level for the current wave progression is at the level of 1.2390. This is the green count invalidation level and any break out above this level would indicate a quite more complex corrective cycle in wave (2).

Support/Resistance:

1.2621 - WR3
1.2504 - WR2
1.2435 - WR1
1.2390 - Green Count Invalidation Level
1.2312 - Weekly Pivot
1.2251 - WS1
1.2199 - Intraday Support
1.2113 - WS2
1.2078 - 1.2108 - Demand Zone
1.2066 - WS3

Trading recommendations:

The impulsive cycle to the downside still has not been completed yet, so only a sell orders should be opened at this marker. Any break out above the wave 4 high invalidates this view. *.




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


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