There is nothing more to add to my yesterday's analysis. GBP is in 5th wave down and the minimum target should be 9160/30 before we can expect a sizable retracement or renewed upswing.
The resistances are 9335/80 and 9435 and supports are 9180/60/35 and 9060.
STRATEGY: We did not get the SHORT entry from 9375 area yesterday so we are still on sidelines. For today we shall try a SHORT from 9335/50 area if it goes there without touching any of the abovementioned support.
If it straight away reaches to support then we shall LONG after signs of basing with tight STOP LOSS for retracemet rally.
Happy trading
rupam
yesterday's analysis
The wave 4 was as trechrous and time consuming as it is famous for. Though it breaks the resisitance of 9415, it could not sustain there and what we witnessed was free fall to 9250 support before recovering.
Wavewise we still favour a 5th wave fall below 9180 to reach 9130/9060 zone.But we shall wait to enter SHORT on a retracement to 9375 area.
STRATEGY: For today SELL near 9375 with STOP above 9435 and TARGETS as mentioned above.
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