GBP/USD Latest Analysis By Rahul And Forex Joe’s Amazing Discovery Of Mathematical Flaw In Forex Trading
Get these Forex Scalping Cheatsheets FREE and try the Forex Pips Gizmo by Rahul RISK FREE for 60 days. Watch these shocking Forex Mastery video by Forex Joe. Learn how to make 100 Pips Daily! Rahul: “It is a beginning of a new week after thanksgiving and I was just looking at the GBP/USD charts. As you know that the USD is just becoming strong and having a good rally against all the major currencies. From the fundamental analysis perspective, it is because of multiple factors like –
Better Job market and economy
Better housing market
and ofcourse, pretty week outlook for Euro nations.
Now if you look from technical perspective, it makes sense as well.Take a look at daily GBP/USD chart –
1. The bullish run for GBP/USD started way back in May-2010 forming 1t elliott wave
2. The market reversed temporarily in Aug-2010 and made the 2nd Elliott wave
3. The 3rd elliott wave started in Sep-2010
4. 4th elliott wave, which is a pull back started in Oct-2010
5. And finaly the 5th and final elliott wave started in Nov-2010.
It is observed that in 85-90% of cases, the market reverses significantly as soon as the 5th elliott wave is formed. So, as you can see in the chart, the GBP/USD reversed and is having significant bearish run where in it broke the low created by the 4th elliott wave which is a kind of indication that the previous elliott wave pattern has ended. Now, the next obvious question is –
“Where will the market find support and then reverse”?
As per me, the currency pair is supposed to get a good support at 1.5400 which is
1. The low created by 2nd elliott wave
2. Ands is also the 50% fibonacci retracement level created by May-2010 to Oct-2010 rally
3. The high created in apr-2010
4. And also, it is the 00 level.. :-)
So, this looks to be a good support area. So, if you are having an open trade, keep a watch for 1.5400 level to exit trade or open a new trade once the market bounces from this.”
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