This blog is dedicated to my analysis of the GBPUSD currency pair. My primary analysis tool is Elliott wave theory in combination with a proprietary moving average (Jurik JMA) and a custom MACD setting. I make updates as warranted. IMPORTANT NOTE: I use a dot in front of the number or letter to denote the character is in a circle, per correct wave notation.
Tuesday, January 5, 2010
Possible stopping point for current short move
I think it is quite possible that the GBP will make it to at least 1.5872 and perhaps as far as 1.5840 before it can turn and run long. The failure point for my triangle scenario on the daily chart is 1.57063. If it breaks this point I will have to reasses the structure.
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