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GBPUSD (D1) Wave counting. Downtrend.

FX:GBPUSD   British Pound/U.S. Dollar
208 1 3
Hey there.
I changed the wave counting to a changed environment.
EURUSD             currency pair falls to new lows, the market is oversold, GBPUSD             follows her but less vigor.
There is an idea that the euro             will limit the decline, and the British pound will increase its strength (note: look at the cross pair ( EURGBP             ))

From all this make the assumption
- Primary idea: GBPUSD             falls to 1,4764 (FIB 50% or 3 ). We are now in the third wave of a large downtrend.
- Alternative idea: GBPUSD             falls to 1,4349 (FIB 76,4% or 3 ). Now we are in the first wave of a large downtrend.

Time will tell. Now I'm in sales. My first target area is 1.4950 (minimum wave 3 from 23 January 2015.)

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AristotelCostel
2 years ago
Thanks. :D
+1 Reply
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