British Pound Crosses Remain In Bull Trend
GBPCHF
The GBPCHF could break through 2.0963 in order to complete wave C of the correction that began at 1.9421. To review, the rally from 1.9421 to 2.0963 is in 3 waves and is wave A of what is probably a flat. Wave B most likely ended at 2.0012 and wave C is underway now. Wave C would equal with A at 2.1554. The 200 day may serve as resistance as well at 2.1203. It is worth noting that the 21 day SMA has held since 7/22.
GBPCAD
The GBPCAD has ranged wildly since last week but on balance is virtually unchanged. 5 waves up from 1.9288 confirms the long term bullish bias. The decline from 2.0409 did reach the midpoint of the triangle and the GBPCAD has slightly exceeded the wave 5 high. Unless an expanded flat is underway, the GBPCAD will accelerate higher in wave 3 over the next few weeks. Look for potential support near 2.02. A bullish bias is warranted against 1.9999.
GBPAUD
We wrote last week that "the pair has exceeded 2.0933 and the initial objective is 2.1426 (161.8% extension of 2.0295-2.0932/2.0393." The GBPAUD has reached the cited objective but an extension higher from current levels is possible. Longer term, potential resistance does not begin until 2.21 (March high). A spike high in April at 2.1534 could provide short term resistance. The trend is up and declines should prove corrective. The closest support is 2.1256.
GBPNZD
Last week, we mentioned that "the advance is nearing the top side of a potential channel. Any near term decline should find support at 2.6653 or channel support. The long term trend is up so look to buy dips near these mentioned levels, against 2.5855." There is not much of a change to the longer term analysis. The pair did touch channel resistance on Friday before dipping to 2.68. The top side of the channel, near 2.75 now, remains resistance.
TREND ANALYSIS is based on a rolling pivot model. LONG TERM TREND is determined by the last 3 months of price data (high, low, close). SHORT TERM TREND is determined by the last 4 weeks of price data (high, low, close). R3, R2, R1, PL, PH, S1, S2, and S3 are provided to aid in identifying entries and exits. These are objective measures and our subjective analysis (STRATEGY) may differ.
DailyFX
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