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Guest Commentary: GBPUSD Mid-term Cycles Should Turn Soon

Guest Commentary: GBPUSD Mid-term Cycles Should Turn Soon

2013-08-22 19:00:00
Eric Morera, Technical Strategist
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"Best reading of cycles suggests pair is in a FLAT correction since 3.12.2013 (1.4832) low when rally to 1.5751 was wave A and dip to 1.4810 was an irregular wave B. Rally from this low has been choppy and overlapping but keeps advancing with a 3 wave structure which favors the idea of an Ending Diagonal.

"The pair has most likely completed wave (( iv )) with a test of 1.5560 but another leg lower to test 1.5481 can't be ruled out. New highs above 1.5712 in 3 waves should offer an opportunity to get short the pair. Alternatively, wave ( B ) is over as a double corrective structure." - Eric Morera, Elliottwave-Forecast.com

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