Main >
Analytics
>
Fresh forecast
>
Elliott waves analysis
>
Wait for a clear break below 1.2407 to go short towards 1.2156

Wait for a clear break below 1.2407 to go short towards 1.2156 | 05 April 2017

05 April 2017, GBP/USD

Wait for a clear break below 1.2407 to go short towards 1.2156

Wave Analysis:

Despite the two bearish pin bar candles seen yesterday at 12:00 and 16:00, the cable continues to retrace to the upper side but should not go beyond 1.2472. If you're not short already, you could put a pending sell limit order at the tip of the pin bar candle at 12:00, 1.2467. This view can only be rendered futile in case the pair end up above 1.24873, if this is the case, then an acceleration to the upper side is inevitable. This downward rally is supported by the fact that the daily chart, shown below, is pretty much bearish and could trade further to the lower side but only after breaking below 1.24078.

GBPUSD Daily Chart

This pair should be traded alongside USDCHF, and USDJPY. These pairs will have an exact opposite price action during this intraday.

Wave Analysis:

If you're not short already, wait for a clear rebound around 1.247 to go short with an ideal target at 1.2353. Alternatively, you could wait for a clear break below, 1.2407, (shown on the daily chart above) to go short with an ideal target at 1.2156.

FreshForex cancels commissions!

Bob Stan
Agree with the review?
Traders' opinion:
Close
Login

Tunjukkan kata laluan

Hide password

 Terlupa kata laluan anda?
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .

Our best awards:

FreshForex is a brand that provides access to online trading for clients from more than 158 countries all over the world. The Company's partners are the licensed European liquidity providers, banks, payment aggregators and systems with which the company has been cooperating for more than 19 years.
Clients must be at least 18 years old to use the services of the Company.
The company does not provide services in the following countries.
Risk Warning: Trading financial instruments with leverage carries high risks and can result in both profits and losses. Potential losses are limited by the deposit amount. Before deciding to trade, the client should assess their risk tolerance, experience, and knowledge level.

Freshforex.com uses cookies for better website operation, traffic flow analysis, and personalization. By using this website you agree to our Cookie Policy.
User Data privacy is protected in accordance with GDPR. The SSL certificate installed on the website transfers the information over a secure protocol.
The site contains links to websites of third parties. The Company does not check or control the third-party resources that are in any way related to the FreshForex site, so the Company is not responsible for any third-party information or materials posted.
By creating a link to a third party website, the Company does not endorse or recommend any products or services offered by the third party.
The website content is intended for informational purposes only. It should not be regarded as an offer or solicitation to any person in any jurisdiction in which such an offer or solicitation is not authorized. It also should not be considered as an offer/solicitation to any person to whom it would be unlawful to make such an offer or solicitation, nor regarded as a recommendation to buy, sell or otherwise deal with any particular currency or any other trading asset investment. If you are not sure about your local trading regulations, please, leave this website immediately.
© 2004—2024 FreshForex – Forex broker
Reproduction of the contents is allowed only with active hyperlink to original source.