SignalSwiss

GBPUSD: Rebound continuation

FX:GBPUSD   BRITISH POUND / U.S. DOLLAR
570 4 18
Nothing has changed with respect to our main analysis, this movement should be interpreted as a technical rebound, so our expectations are yet to see a second bearish leg.

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If the scenario you have put forward plays out the pair will have put in a lower high followed by a lower low, that is extremely bearish a classical Dow theory type short position yet you suggest only considering going long. Could you explain your thinking?
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Hi Steve, my opinion is expressed in the analysis, at the same time I share your idea (Dow), but the trading is done by "choices" .... :)
+3 Reply
Agreed, the price action on the previous leg down looks incomplete, from an Elliott Wave perspective and also, I don't expect the market to move too wildly before NFP. Going by the chart, the next leg up should be considerably strong, and this is clearly not it, no fundamental backing for such move 'YET'.
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