Below is a recap of our call and forecast for $GBP/USD from our Chart of The Day post from 6/17/2015 – 6/19/2015. Last week, nothing much changed with the pair as it’s still in progress of completing wave (W) high. You can click the underlined link to view the original post on that date.
$GBP/USD Chart of The Day posted at 6/17/2015
In our Chart of The Day at 6/17/2015, we said that the rally from 1.5169 low took the form of a triple correction ((w))-((x))-((y))-((z)) where wave ((w)) ended at 1.544, wave ((x)) ended at 1.5189, wave ((y)) ended at 1.5554, second wave ((x)) ended at 1.5419, and wave ((z)) is in progress towards 1.5689 – 1.5754 to complete wave (W).
We expect some profit taking from 1.5689 – 1.5754 area and the pair to pullback in wave X in 3, 7, or 11 swing to correct the cycle from 6/1/2015 low at 1.5169 before it is ready to resume higher again. As the pullback is in dotted line (counter trend), we don’t like selling the proposed pullback in wave X. As far as 1.5169 pivot stays intact during the pullback, expect the pair to resume rally to new high or at least bounce in 3 waves per Elliott Wave hedging idea.
$GBP/USD Chart of The Day posted at 6/18/2015
In our Chart of The Day at 6/18/2015, we revised the structure of the rally from 1.5169 low to a double corrective structure W-X-Y where wave W ended at 1.5554, wave X ended at 1.5419, and wave Y is in progress towards 1.587 – 1.5988 to complete wave (W). Expect some profit taking from this area and the pair to pullback in wave (X) in 3, 7, or 11 swing to correct the cycle from 6/1/2015 low at 1.5169 before it is ready to resume higher again. As the pullback is in dotted line (counter-trend), we don’t like selling the proposed pullback in wave (X). As far as 1.5169 pivot stays intact during the pullback, expect the pair to resume rally to new high or at least bounce in 3 waves per Elliott Wave hedging idea.
$GBP/USD Chart of The Day posted at 6/19/2015
In our Chart of The Day at 6/19/2015, we said that short term Elliott wave structure suggests wave (W) is expected to complete towards 1.5937 – 1.612 area. Expect some profit taking from 1.5937 – 1.612 area and the pair to pullback in wave (X) in 3, 7, or 11 swing to correct the cycle from 6/1/2015 low at 1.5169 before it is ready to resume higher again. Alternative view suggests wave (W) is already complete at the last high 1.593 and the pair is already in wave (X) pullback. As the pullback is in dotted line (counter trend), we don’t like selling the proposed pullback in wave (X). As far as 1.5169 pivot stays intact during the pullback, expect the pair to resume rally to new high or at least bounce in 3 waves per Elliott Wave hedging idea.
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