| Global Interest Rates | |||
 Australia |
7.25% | ||
 Canada |
3.5% | ||
 EMU |
4% | ||
 Japan |
0.5% | ||
 Swiss |
2.75% | ||
 England |
5% | ||
 US |
2.25% | ||
Technicals
GBP/USD Elliott Wave daily analysis - May 14
The chart shows the last two weeks movement. I count it as wave C and when it is over, one should expect a reversal for a move back above 2.04. So the upside potential is very huge. The only problem is when wave C will be completed. I think that it could be already over and this was the reason for todays long position. However I will lower the stop loss to 1.9330 because this is the important support, not todays low. Looking to the upside only above 1.9632 will be a confirmation that the potential impulse shown on the chart is already over and the cable is being headed to 2.04
Trading strategy: 10:35 EST; 15:35 GMT
Long position from 1.9458, move the stop loss from 1.9360 to 1.9330, target - open
Confidence level high
This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.
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