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GBPUSD - ONE LAST MOVE UP BEFORE MORE DOWNSIDE

British Pound / U.S. Dollar (FX:GBPUSD)  
Aqua_Trader Updated   
FX:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Chart Patterns Wave Analysis Forex currecies GBPUSD longsetup shortsetup
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trendanalysis chartpattern waveanalysis forex currecies gbpusd longsetup shortsetup
Looking at the bigger picture (Weekly timeframe) we can see that the pair is still in consolidation mode, specifically in an Expanded Flat Correction. Now looking further ahead I personally don't think that the pair will be going much much lower for the reason being that on the Monthly timeframe it has broken through a Major Downward trendline. Apart from that it has been in a downtrend since the 1st of November 2007 and has completed 3 Cycles down. Therefore the move towards the downside we'll be trying to catch will simply be the retest of the broken Monthly trendline. Of course there are also long positions to be taken but that depends on each individual's trading plan.

Trade safe and implement your own due diligence before entering a trade.
Comment:
Comment:
history repeats itself?
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ready for a break up?
snapshot
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