Is the GBPUSD good news or bad news for you? We are waking up this morning with is at its lowest level since mid 2010
GBPUSD collapses to lowest point for over 8 months following this morning’s economic news in the UK and it’s still falling….
GBPUSD hits low at 1.5437 but bearish conditions continue and weakness expected to take it lower
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It looks like the year long uptrend on USDCHF is a large weekly / monthly chart correction. The price will be running into strong overhead resistance in the not too distant future and the wave count is indicative of a turnover, back to the long term trend, from that area as indicated in the screenshots below.
On 25th July 2012 we called the Low on the EURUSD on our Daily Trading Line analysis video (Daily Trading Line Analysis Video 25th July 2012).
As predicted we are now seeing the retracement happening on EURUSD in line with our analysis.
Keep up to date with our ongoing analysis by listening to our Daily Trading Line Analysis videos updated every morning and available to all FX Professional members.
3rd Bounce in Cable Channel likely to be confirmed shortly…
GBPUSD Movement currently happening…
Our Trading Line continues to identify the big swings in the market.
We are currently watching an important movement on Cable, currently in a B wave ‘triangle/channel’ correction whilst we were anticipating a D wave down followed by an E wave up with the larger B wave. The D wave down has unfolded now and so far is looking good in line with our analysis.
You can also view the current analysis by clicking on this screenshot.
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