GBP/USD Slides to Test Key Pivot at 1.6170; 1.60 is Next

-

GBP/USD Slides to Test Key Pivot at 1.6170; 1.60 is Next

Short-term
The GBP/USD indeed completed what was wave 3, and should be on wave 4 now. Corrective waves are anticipated as 3-wave patterns, but the current decline with such a strong decline right now, could be still part of the first corrective wave, after which we can expect an upswing and another corrective wave down.
It is still a little early to say. This anticipation is only preferred because of the sharp decline in the European session. If the market is brought back up above 1.6350 in the US session, then we likely have bullish continuation to 1.6450-1.65 to finish wave 5.
However, if the market declines below 1.6170, the bullish wave count is invalid, and we have to consider a significant decline back towards the 1.60-1.5980 lows of the recent range.

المشاركات الشائعة من هذه المدونة

Tantawi meets with Palestinian President

-
صورة
  Palestinian Authority President Mahmoud Abbas By DENDRAWI EL HAWARY - Translated by HEBA HABIB Field Marshal Hussein Tantawi, Chairman of the Supreme Council of the Armed Forces , met with Palestinian Authority President Mahmoud Abbas and his accompanying delegation visiting Egypt Saturday. Abbas thanked the council, the government, and the Egyptian people for their efforts in the prisoner exchange, their ongoing support for the Palestinian people and, their promotion of reconciliation among Palestinian factions. The meeting discussed the regional events and their impact on the peace process, and Palestinian efforts in the international arena towards realizing the legitimate rights through the General Assembly of the United Nations. The meeting was attended by Lieutenant General Sami Anan, Chief of Staff of the Armed Forces, Minister of Foreign Affairs Mohamed Kamel Amr, intelligence ...
قراءة المزيد

Egypt economy recovering, wants Europe debt relief

-
Industry says opening of banks boosted economy * IMF says recovery depends on tourism rebound By Tom Pfeiffer CAIRO, Feb 21 (Reuters) - Egypt would like European Union states to cancel its debts to them but has not made a formal request, the EU's local delegation said, as Egypt's economy showed signs of recovery from weeks of political turmoil. The government has slashed its growth forecast after 18 days of street protests across the country unseated President Hosni Mubarak, scaring off tourists, hitting inward investment and sparking a wave of strikes in banks, industry and government. The economy was worth an estimated $217 billion last year and it relies heavily on foreign investment, tourism and fees from the Suez Canal. A government statistics agency estimates the uprising cost the economy at least $1.7 billion. A spokeswoman for the European Union delegation in Cairo said European Union Ambassador Marco Franco met Finan...
قراءة المزيد