Monday, October 24, 2011

Gbp vs Jpy & Gbp vs Usd - Market Overview

Gbp vs Jpy (1H) - At the moment, I'm looking forward for a bearish continuation trend scenario either to perform subwave 2 in aqua or subwave 3 in magenta. A valid "rising wedge" pattern and a breakout toward the lower red trendline would bolster to this scenario. Otherwise, please be careful for any breakout toward the magenta critical line.

Gbp vs Usd (Daily) - Preferably, I believe market in progress to complete a "bull trap" pattern and therefore I'm looking forward market to perform either a bearish continuation trend (subwave 5) scenario in yellow or a bearish retracement trend scenario in aqua (subwave 2). Good luck.