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i have been asked about this particula pair, and the chances of a bullish continuation. Krishna says:
I am counting this way
1st wave starting point - 250 to 220
2nd wave - 220 to 240
3rd wave -240 to 192
4th wave - 192 to 215.70
5th wave - 215.70 to 185
now A-B-C correction should come atleast 50-60% of entire rally which may take this pair above 220 levels. Either JPY will depreciate to 113 levels or else GBP may appreciate to above said levels to 1.93/97 levels
So, taking a look at weekly charts, what I can see there is that: above the 198 levels, that the pair is targetting right now, we can see a major correction underway, not exaclty to the 220 levels, maybe better approaching to the descendant trend line around 210.00 but bullish finally. Indicartors are also turning downside up so above the mentioned key zone around 198.00 you have a point. But right now, I see Japanese yen against dollar with more chances of reaching 113 than GBP reaching 1.95/97. By this time of the year and till next February, Japanese yen is more likely to fall as usually does till the end of the fiscal year of Japan, while GBP economic outlook is on doubt right now. Anyway I believe in the longer term, the bullsih outlook is ok, unless the pair manages to break under these last weeks minimums that for me seems quite unlikely at the moment.
