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06.04.201211:04 Forex Analysis & Reviews: GBP/USD Wave Analysis for April 6, 2012

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 06.04.2012 analysis

 

Wave marking analysis:
Having completed during the yesterday’s Asian session the formation of the 4th wave, the GBP/USD pair resumed the descending movement and has nearly reached the level of figure 58. The downside movement that begun on April 2 is presently looking as completed 5-wave structure. If that proves to be so, the pair will probably rebound from last day’s low towards the point 1.5950. at the same time, considering the strong interest to dollar on the market, the 5th wave will apparently be prolonged resulting in decrease of quotes and testing of the level 1.5700.

 

Targets for the wave 5 in 1 or A:
1.5779 – 61.8% according to Fibonacci
1.5712 – 76.4% according to Fibonacci

Targets for the wave 2 or B:
1.5887 – 38.2% according to Fibonacci
1.5954 – 23.6% according to Fibonacci

Genera conclusions and trading recommendations:
At the moment the new downside part of the trend is being formed within the wave 1 or A. Intermediate targets are seen at Fibonacci levels 1.5779 and 1.5712 which are equal to 61.8% and 76.4% of Fibonacci respectively. The inner wave structure of the current wave points at the development of the wave 5 inside it indicating the possible growth of the pair in the nearest future. This growth is expected to take place within the wave 2 or B that may rise the quotes towards 1.5954 that corresponds to 23.6% of Fibonacci.

 

Chin Zhao
Analytical expert of InstaForex
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