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The pair remains bullish in 4 Hours charts, and quoting around 1.8600, well above the daily 38.2% Fibonacci level and guided by an ascendant trend line, yet unable to continue for now, although a fresh 4 week high at 1.8668. Above 1.8635, the maximum could be re tested, and above it, next resistances will be the zone around 1.8710 and finally the tough 1.8800 level. Regarding supports, only under 1.8555 we could see some retracement, first to the zone around 1.8514, and then the zone between 1.8480/60, under which, the pair could gain some bearish momentum, at least to the zone around 1.8400.
Hi,
GBP is about to hit the 61.8% fibb level of 2.0158 to 1.7440 at 1.9114
if that gives aways, then 50% retracement fo A-B-C correction from 2.1160
38.2% - 1.8861
50% - 1.93 (strong resistance around 1.9365 levels
61.8% - 1.9740
but another pair which is giving support to bullish GBP is GBPJPY
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 fo 1.93/97 levels
I request you to kindly share your view on this .
regards
Krishna
Hi Krishna great comment. Regarding GBP/USD yes the probable target is that Fibo level, although I fin the 1.8800 to be the key level to consider: above this, 1.9110 zone will surely get exposed and be a great target zone. Regarding ELLIOT waves… funny thing.. many many years ago, I started on forex as an investor, with an “operator” specialliced in Elliot waves.. the worst scam of South America I believe and that’s when I decided that if I wanted this to be well done, I have to do it for myself.. anyway and despite my years of study.. still “wave counting” gave me cold shivers, as till now of course, never get a penny back. For what I see, you made your count in weekly charts, and looks fine to me in GBP/JPY, but if you let me, I will ask a college of mine, Mr. Matias Salord, and in a few minutes make a post about the pair.
Regards
Val