29.11.201213:05 Forex Analysis & Reviews: GBP/USD Wave Analysis for November 29, 2012

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GBP/USD Elliott Wave
Since our last analysis the GBP/USD pair was trading in a downward move, corrective (C) wave (coloured pink) of the bigger 4 wave (coloured blue) was developing. Yesterday, during the Asian session we could observe descending movement from 1.617 toward the 1.5962 level and we can consider this move as the end of the 4 wave (coloured blue). Therefore, during the European and New York sessions the GBP/USD pair did not manage to hold this level and the price retraced back to 1.6017 level. At the moment this currency pair is trading around 1.6003 level and we are expecting to see the price higher today. In accordance with our wave rules and taking into account that the wave 5 should retrace 100% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.6073 (100% of wave 1). To reduce the risk, we can use support at 1.5967 level as stop loss.

Support and Resistance
(S3) 1.5937 (S2) 1.5961 (S1) 1.5976 (PP) 1.6000 (R1) 1.6024 (R2) 1.6039 (R3) 1.6063

Trading Forecast
Proceeding from Elliott Wave rules today, the price is expected to begin the upward movement. That is why long positions at level 1.6010 with stop loss 1.5967 and take profit at 1.6073 are recommended.

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