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Monday, March 26, 2012

GBPUSD Update

On March 17th I posted this chart of GBPUSD, saying that most probably we are in the process of forming an expanded triangle on the daily chart. Here is the chart that I showed you.
Now we are approaching the 1.6050 area, which should be the termination for wave d and have a sharp reversal with a target of 1.5550.
I would like to mention that it is possible  that the 1.60 area could be the final leg up for the pair since instead of a triangle the formation could be a termination pattern for wave E of the almost complete triangle formation on the weekly chart. It is important to mention that wave E does NOT have to reach the upper boundary of the triangle. The only requirement that we have for wave E is to retrace at least 50 % of wave D(which would be the 1.60 area), so keep that in mind. Here is the weekly chart with the triangle formation


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