Sunday, May 29, 2011
Gbp vs Jpy & Gbp vs Usd - Market Overview
Gbp vs Jpy (1H) - At the moment, market have more potential to perform a bearish trend due to the formation of "rising wedge" pattern in magenta. A breakout to the lower magenta trendline would bolster to this scenario. Otherwise, we may see a bullish continuation trend scenario to perform subwave iii either in yellow or aqua.
Gbp vs Usd (Daily) - Preferably, I believe market have a good potential to perform a bearish reversal trend scenario to perform corrective wave c in aqua. A valid "Head and Shoulder" bearish reversal pattern in aqua would bolster to this scenario. Otherwise, please be careful for another bullish rally either to complete a double top of corrective wave b in yellow or the incomplete fo wave 5 in white. Good luck.