British Pound - US Dollar (GBP/USD) tried to break the support of 200-day moving average and went 22 pips below the 1.
Nov 19, 2012 | ForexAbode
GBP rallied strong last week and thus a new wave count was mandatory. When changing a wave structure, the best approach is to go on with the idea that requires the slightest change. Thus, I have remained the idea of the huge Contracting Triangle on the weekly chart from the Jan 2009 low. And simply wave (E) that started from the Jan 2012 low is assumed to be a Flat pattern.
By Alexander Nikolov | Sep 16, 2012 | TrendRecognition
GBP/USD jumped to as high as 1.6255 last week and showed further sign of acceleration. Initial bias remains on the upside this week for 1.6300 resistance sustained break there will have larger bullish implication and would target 1.6618/6746 resistance zone next. On the downside, break of 1.6067 is needed to signal short term topping. Otherwise, outlook will remain bullish even in case of retreat.
Sep 16, 2012 | ActionForex
GBP/USD continued to consolidate below 1.5912 last week. Initial bias remains neutral this week for some more sideway trading. But in case of another retreat, downside should be contained above 1.5673 support and bring another rise. Break of 1.5912 will confirm resumption of whole rebound from 1.5268 and will target 1.6300 key resistance.
Sep 03, 2012 | ActionForex
So far GBP has moved exactly as our red-line expectation was telling a week ago. Now, if the rally from the early June's low is wave (2), then it shold be over as it has already retraced 61. Thus, we are at a critical inflection point right now. Should GBP advance further, the presented wave count will become invalid.
By Alexander Nikolov | Sep 03, 2012 | TrendRecognition
We turned short almost two months ago and GBP was trading sideways during that time. However, last week it finally advanced and stopped us out. Now, the impulsive wave count from this year's top that is shown on the chart is in deep question. Why? - because the prices have already retraced 61.8% of the previous decline. Should GBP continue its rally and moves twd 1.
By Alexander Nikolov | Aug 27, 2012 | TrendRecognition
Nothing important has happened here as the trading remains within the recent range between 1.5460 and 1.5770. On the other hand, if the prices move briefly abv 1.5770 and then plunge, that will re-inforce the presented wave count. In either case, we need a move below 1.5460 in order to confirm a downside.
By Alexander Nikolov | Aug 20, 2012 | TrendRecognition
GBP/USD continued to gyrate in range below 1.5767 last week and near term outlook remains neutral. On the upside, break of 1.5777 resistance will confirm resumption of rebound from 1.5268 and should target 61.8% retracement of 1.6300 to 1.5268 at 1.5906. On the downside, however, below 1.5489 support will turn focus back to 1.5392. Break there will indicate that rebound from 1.
Aug 18, 2012 | ActionForex
The trading was quiet last week and did not change the overall assessment of the daily chart. The chart itself is neutral as the trend is sideways. Wavewise, I still favor the idea that a larger-degree impulsive decline has started at the late April top. But only a move below 1.5390 will confirm this view.
By Alexander Nikolov | Aug 13, 2012 | TrendRecognition
GBP/USD stayed in recent range of 1.5489 and 1.5767 last week and near term outlook remains neutral. On the upside, break of 1.5767/77 resistance will confirm resumption of rebound from 1.5268 and should target 1.5901/6 (61.8% retracement of 1.6300 to 1.5268 at 1.5906 and 100% projection of 1.5268 to 1.5777 from 1.5392 at 1. However, break of 1.
Aug 12, 2012 | ActionForex
GBP/USD remained below the 1.5800 level and declined sharply to 1.5490 before rallying again at the end of last week. Overall, the Short-Term outlook remains neutral. It seems GBP wants to trade higher toward the upper line of the small channel from the 1.5267 low that is shown n the chart. We need to see a move below 1.
By Alexander Nikolov | Aug 06, 2012 | TrendRecognition
GBP/USD failed to take out 1.5777 resistance and dropped sharply since then, before rebounding equally strongly. The developments mixed up the near term outlook and we'll stay neutral first. On the upside, break of 1.5767/77 resistance will confirm resumption of rebound from 1.5268 and should target 1.5901/6 (61.8% retracement of 1.6300 to 1.5268 at 1.5906 and 100% projection of 1.5268 to 1.
Aug 05, 2012 | ActionForex