GBP

GBP rallied as per our expectation and made a top at 8470 in Asian session today. A sustained trading above 8460 ( 78.6% of fall from 8540 to 8173) is required to make the GBP challange the 8540 resistance. Above 8540 wave 'iii' is confirmed. 8540 being the right shoulder of H&S pattern gains additional strength also. 

Wave wise either we are in 'C' wave down ( will be confirmed only when the GBP trades below 8085) or 'ii' of 'iii' just finished at 8175. From 8175 to 8330 we might have seen wave '1' of 'iii' of 'iii' and it should retrace max up to 8210/00 before the 3rd wave should take it over 8330 .  If this  is indeed the case  then we shall see big rally from here as wave 'iii' of 'iii'.

We have closed our LONG GBP/USD from 8260 at 8460 for a profit of 200 pips and move stop loss to entry in our LONG position from 8360. above 8540 , if it goes there we shall add into our position.

happy trading

rupam