GBP/USD – Forex analysis and forecast for August 25, 2009
Written by GF Team on August 25, 2009 – 6:36 am -Our Forex signals providers are working very hard at the moment, but the find time for writing a little bit of market analysis and Forex predictions specially for our clients. Notice, that our traders are even giving detailed recommendations, what to do in this or that situation.
Long-term analysis of GBP/USD:
On the Month graph the pair has passed 1st, 2nd and 3rd waves (falling down from 2.1160) and has made minimum of the 4th wave, ended at 1.7040 (but that doesn’t mean that the wave is complete). So, the nearest target of the pair’s falling is 1.4840. In case the trend breaks through 1.3500, it will start doing the 5th Elliot wave. Therefore the full 5-waves cycle could be possibly observed.
Recommendation for long-term investing:
Go short below 1.6270 with the target of 1.4840 (62% correction according to Fibo correction level).
Short-term analysis of GBP/USD:
On the daily graph the trend has finished ABC growth correction after falling to 1.7040 and now is moving to 1.6050.
Recommendation for short-term investing:
Set short below 1.6325 with the target of 1.6150.
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Posted in Technical Analysis | 1 Comment »
August 26th, 2009 at 2:58 pm
cable being at 1.48 means back to recessionary levels,which is with current levels of fiat money in the system, next to impossible. Can’t just rely on tech analysis so bluntly.