GBPJPY
GBPCHF
GBPAUD
Commentary - We wrote last week that “the pattern is clear now and it appears that a triangle is complete as wave B within the A-B-C correction from 219.30. Bolstering the bullish bias is the appearance of waves i and ii within wave C. The rally should accelerate in wave iii by either the end of this week or early next week.” The rally has accelerated and should continue to do so there is no change to the call for a rally to at least 238.95 (61.8% of 251.10-219.30) and possibly closer to the 78.6% of 244.29. We?ll be looking for a top and reversal near these levels.
Strategy - Remain bullish, move risk to 229.76 (from 227.40), target 238.95
Commentary - Last week, we wrote “look for a bounce to at least the former 4th wave of 2.3822 for a chance to get bearish (or add to the position if already bearish).” The correction that we were looking for is still underway. The GBPCHF should continue higher in the very near term and spike through 2.3761 at the least. We are considering the trend as down as long as price is below the trendline seen on this chart. However, we urge caution as it looks like the USDCHF is turning up.
Strategy - Longer term traders, remain bearish against 2.4426, bearish objective is 2.2477
Commentary - Last week, we showed the long term chart (monthly) and wrote that “the GBPAUD may be ready to fall off of a cliff, eventually working towards 2.0000. Near term resistance is at 2.3450.” After rallying to 2.3421 on Monday, the pair has dropped below 2.3000, making 26 month lows in the process. The trend is down and any bounces should encounter resistance at 2.3421.
Strategy - Long term trade idea?bearish against 2.4814, target much lower (2.0000 and below)