Daily Forex Outlook: GBP/USD

The fall started from 2.0396 is corrective upon me. My working count for it is presented on the chart and I think that a double corrective combination is developing. I suggest that the second part of it could turn out to be triangle (bullish) which suggests some sideways movement before strong upmove. A rise above 1.9940 should signal that the expected upmove has already started and I would expect a new high above 2.0396 in such a case. On the other side a fall below 1.9720 would be bearish and would bring a revision of the wave count shown on the chart.

Trading strategy: 07:51 EST; 11:51 GMT

Long position from 1.9809, stop loss - 1.9715, target - open

Confidence level - low

Karoll Financial House

This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts. This report will be updated every Monday, Wednesday and Friday on the next schedule:

• Daily EUR/USD Elliott Wave Outlook - Monday
• Daily GBP/USD Elliott Wave Outlook - Wednesday
• Daily USD/JPY Elliott Wave Outlook - Friday

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