GBPUSD Looks For Resistance
Currencies / British Pound Dec 02, 2013 - 02:20 PM GMTGBPUSD is at the highs, now above wave the trendline connected from 2009 highs but still below 1.6744 which is a triangle invalidation level from a weekly chart. As such, we are still tracking final stages of a red wave E) that could be looking for a top formation in 1.6500-1.6650 region. However, before we may look for end of a current rally we need five waves up in black wave C which is still not the case so be aware of more upside in this week.
On the contrary, move back beneath 1.6240 would suggest that highs are already in.
GBPUSD Daily Elliott Wave Count #1
GBPUSD broke to a new high as expected after we identified end of a corrective retracement at 1.5850. As such, we are now tracking a new impulse leg up with can be wave C, final part of a double zigzag in wave E). If this is correct count then rally from July low is near completion. Ideally we will see a reversal down from around 1.64-1.66 region.
GBPUSD Daily Elliott Wave Count#2
We are also tracking a different count that shows a five wave rally from July low, but even this count is calling for a turning point as we see pair in fifth wave up.
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