329 0 3
Validity of Method: Do the same thing with the US Dollar             - a near replication of the Dollar Index            

Leaving out the Yen: My perception of the Yen is a) it's a bit out on it's own among the commonly traded currencies and b) CB             intervention / policy lends a possibly unhelpful distortion. (Leaving out say the Swedish Kroner for the same reason is a good idea. ) Basically you can add it in but it looks significantly different, reflecting the GBPJPY             . I prefer to look at the Yen on it's own - just a personal preference.

The point, obviously - an underlying flavor of the currency itself - an index.

Two ways of looking at this likely wave completed, nearly exact equality of wave lengths suggests a near perfect zig-zag a-b-c.

I am perfectly open to d being wave i of five, and it currently being in wave four, and it retesting and peaking out the top, back in late August … it an odd one, because c of (b) retraces 0.382 of (a) … So this could be a wave four but I don't think so.

Where Sterling is now is complex. It appears likely to be in a B wave – where lows are considered a buying opportunity but fail to deliver hoped for highs.

Having said that, I believe it's just completing a minor wave a, where the c wave drops to 0.618 of wave a, there at the 0.382 level (mauve), where it has local price support at the 10.66 level, an upward channel trendline , from where it may push up to form a wave (b) of larger expanded flat.

This would give the required impulse out of say the GBPUSD             , making a C wave to complete the corrective upward.

Other pairs – maybe an extended fifth against the EURO??

GBPJPY             , (although not included here) almost certainly forming an inverted expanded flat.

GBPAUD: I think there a massive B wave going on, unsurprisingly - hehe - I'd like the pair to reach 2.1, or 1.9895, prior to reversal

CAUTION: DO NOT TAKE THIS AS INDICATION TO TAKE A POSITION IN OR TRADE A SPECIFIC PAIR. Obviously each currency does it's own thing as well.

Eventually Sterling should drop down to the 0.382,0.5. 0.618 retracement where it can be a very good buy (Potential Buy Zone). Sterling is currently considered the second most likely currency to raise interest rates after the US Dollar             . (Whatever one might believe about that - hehe)

Thanks to safv6 for publishing this excellent chart: ...

... from where this chart originated in concept.
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