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GBP USD Delta July 7
Price action with GBP USD has recently left me scratching my head, especially with the pair currently in inversion time period (ITP) for both ITD and MTD time frame.
But it looks now the situation is becoming a little more clear and here's my latest count that I am using.
In the ITD chart, we see that LTD 15 high arrived late at 1.674.
ITD, MTD, and LTD are therefore now all travelling down.
ITD 4 low will be due around July 13.
A break of MTD 1 at 1.58 is required to confirm the position of LTD 15 high.
Although all time frames are now travelling down, LTD 16 low is going to arrive not too long from now. I circle the LTD 16 low time zone. I think it's likely that the downtrend will last until mid August as per my circle.
Looking at bigger picture LTD chart, once we finish this LTD 16 downmove, we'll rally higher one more time from probably around mid August to November of this year.
Last edited by cmellon; 12-16-2009 at 08:31 PM..
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