[B]My picks:[/B] enter short GBPUSD limit order 1.5130, against 1.5275, target 1.4400
[B]Expertise:[/B] Technical
[B]Average Time Frame of Trades:[/B]
In a technical alert at DailyFX on Thursday, I wrote that “the GBPUSD low today (just a few hours ago) occurred right at Elliott channel support. Elliott channeling is a technique that is used to identify wave 4 lows - among other significant points…the implications are bullish as wave 5 may be underway now towards 1.5300 (wave 5 = wave 1 at 1.5300).” The GBPUSD has slipped from a high of 1.5269 today, strongly suggesting that 5 waves from 1.4396 are complete. Furthermore, the entire rally from 1.35 may now be complete as a 4th wave correction. Near term resistance is at 1.5131 and a bearish bias is warranted against 1.5269.