Let me know what you think, will it make all the way up to the resistance before falling, or will just fall?
Comment: Today's good data from UK send cable to the upside. Warming for a bigger fall? I think so!
Comment: GBPUSD is touching the significant resistance Ive highlighted on the chart, if all this dollar weakens around Im not sure is it will hold, only price action can tell. What you think?
Comment: Will this resistance really hold? Im a little bit neutral on this pair after dollar weakness.
Comment: Yes, looks like it did hold and now is falling.
Comment: Will this level hold for one more week?
Comment: Looks like now it will fall :) who took it?
Comment: London Mayor now is on the exit side, now it should fall even more!
You're welcome. I should add that the main reason I think it's more bullish is that it tested a critical weekly support level. It's likely to be supported for at least 2-3 weekly bars because of it. If it broke to the downside now in any major way then it means GBPUSD will hit 1.35 for sure. I can't see the GBPUSD being that bearish since it has already fallen heavily when everyone expected it to rise. Surprise declines that are a parabolic are typically "ending expansions" (to use an elliott wave term). If you study past examples of a surprise decline you'll find at least 60% of them become the bottom.
I'm really not sure if this instrument and time period should be traded right now. The way it reversed I wouldn't call it bullish or bearish. It looks like it's going to be in a range/consolidation. And for most who trade smaller periods you'll know those are the hardest to trade since the corrective structure can easily morph from a wedge into a flag, then into a more complex structure, etc.. That's the reason experienced Elliott Wavers tend to avoid trying to get in W4 when W2 was a simple correction (i.e. the theory of alternation means the next corrective cycle is most likely to be complex if the first one was simple, and vice versa). Anyway, I hope that helps someone looking to trade this.
Very nice comment friend! Yes, thats because I avoid smaller and trade most on daily ;) But Im still bearish on the long term on this pair because Fed is hiking rates, even if it struggles a little, still raising, and its very likely to find it difficult for BoE to even start hiking this year. So yes, on lower frames it can be difficult but on the bigger picture I believe it will keep falling. But technically, yes, could look like bottoming and ranging.