Tuesday, 26 February 2013

GBPUSD......subtle change afoot? Don't give up on this fork yet

The horizontal red and dark blue liles are historical ML's from the weekly/monthly time frame. The Gap fork in black has shown a good correlation with price this morning but I suspect that this market is in need of a higher  high pivot . So far we have come from just under 1.6400 to 1.5070 in less than 7 weeks!  The objectives ( pitchfork) are all forfilled unless we are going back to the low 1.40s which i do not think. Having taken a real beating since Jan 2nd  I am looking for a spike upto 1.5350-1.5450 or around a .25 Fib RT.

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