The British Pound's decline is overextended on 3 different currencies, the GBPUSD, GBPCHF and EURGBP. The GBPUSD offers the best setup since it is more oversold than the other two, but the GBPCHF offers more profitable pip potential. I have Cable in a larger long term downtrend but wave ((i)) appears complete so a sharp and probably deep wave ((ii)) rally is in order soon.
Drilling down to the 1hr chart we can see that wave ((i)) appears fully developed and so wave ((ii)) is setup to get rolling higher. I'm projecting a safe target for the prior 4th wave and 38% Fibonacci at the 1.4245 area. I need confirmation from my proprietary indicators before I get long and for the GBPUSD I want a solid hourly close above 1.4122. Here is the setup:
Getting long on a solid close above 1.4122
Take profit at 1.4105
Stop loss at 1.4075
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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.
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