I'm looking for something comparable as for a potential buy for GBPUSD. We really have to keep in mind what drives the Pound more than anything, which is fear as a result of Brexit. So I'm conservative and not guesstimating too much when it comes to longer term wave count on lower time frames because there are simply too many options on the table to share a high probability wave count. So what's the plan? I need to see at least a retrace back towards the zone shown by means of the black dotted horizontal trend lines. If I see this happening in the shape of a consolidation and preferably with bullish divergence on lower time frames I will look for a potential buy towards 143.50 as first likely target. Updates will follow
GBPJPY is comparable to EURJPY and USDJPY although it showes us a slightly different picture in the short term. So far the move lower from 143 looks corrective and in need of another leg higher. The process stays the same but keep an eye on these three Yen pairs when trading one of them. They are following each other at the moment so use that in your advantage.
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Wait for confirmation because price might trail higher and invalidate the sell set-up as long as we don't have a confirmation.
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TimStuyts
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Josecsnet
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This would be the end of the bearish momentum ?
TimStuyts
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Hello Josecsnet. I can't say that yet, however I received several questions regarding the Pound pairs and whether or not to buy Pound. So if you want to buy Pound pairs I would focus on GBPUSD, GBPJPY or EURGBP and only buy IF we see the projected price action. But if we accelerate lower (weaker Pound) I won't be a buyer. So the safest trade is to wait for a consolidation after the recent minor bullish impulse, if we don't see that don't buy (or accept the higher risk). Hope this answers your question.
gosuden21
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Nice, any latest prediction after the gbp unchanged the cut rate?
TimStuyts
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I will update the Pound pairs later today, but GBPUSD and EURGBP did exactly what we were looking for. GBPJPY didn't retrace enough for me to trade it.