Todays 80 + basis pt move up seems all in vain......Its still a 'fail' using my system of forks. This is not Andrews/Schiff/Mod Schiff seen in thes two Ensign screen shots but still .. not only does it work every bit as well as them as an indicator of price strength/weaknes etc but the reaction lines ( seen here) are always superb. This fork was developed as an idea for reaction line efficiancy. Use the usual P0 or any significant low then the first HH before any retracement ie the top of wave 1 and then the usual P2.. It's called a G-Fork ( and not because it hits the G spot...which it does in a manner of speaking viz a viz reaction lines).
Anyway. It looks like we are getting ready for a big move-either way. I have seen similar behaviour and the support at 1.3070-1.3080 looks like it's going to be taken out in the coming days and its a reaction line from a monthly fork and can be seen here in the right hand chart form this earlier post. You can bounce a pin off this reaction line and price has been bouncing off this line for weeks... however if you look at recent price action we have been making these big moves up only to fail ( viz a viz andrews)...and down we come..then up again and its a bit like being stuck in an elevator...always back to the same line at 1.3070 ( since Dec 2011). Today we have ( so far) failed to make a HH and what with the vibe this market gives off my opinion is that we will go lower sharply and this view respect the current funamentals BUT its not over till the fat lady sings and at this moment i only have an opinion ( not a position!) which may change. Either way i think we may see a big move tomorrow.
Lastly....Is GBPUSD building a top at 1.6065? It looks posisble.
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