Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

GBP/USD Sends A Bullish Message

Published 08/11/2015, 07:30 AM
Updated 07/09/2023, 06:31 AM
GBP/USD
-

According to the Elliott Wave Principle, every five-wave impulse is followed by a three-wave retracement in the opposite direction. Once the retracement is over, the trend resumes in the direction of the impulsive sequence. Now, lets see what would we get if we apply these rules to the 15-minute chart of GBP/USD.
GBP/USD 15 Min Chart

As visible, GBP/USD rose in five waves from 1.5424 to 1.5616. The anticipated three-wave pull-back seems to have already started, since the pair is now trading near 1.5580. If this count is correct, GBP/USD could fall some more, before the bulls return. However, stay bullish, as long as the invalidation level at 1.5424 holds.

Original post

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.