GBP/USD Signal - Feb. 14, 2013

Fadi Steitie

By: DailyForex.com

Currency: GBP/USD
Method
: Elliott Waves
Description
: A larger correction of a falling channel started on 10 November 2007 and contracting corrective triangle started on 1 August 2009 two years after the drop which it ends on 22 December 2012. However, I will be watching a larger drop for GBP/USD further for the coming few months and will follow Elliott waves patterns as posted. Expanding diagonal in final wave five where the trend is forming a ZigZag correction between points B and C where we have a small room left for today trade but i will save the biggest move when the price bounce back to point (d) as shown in blue arrow. I would suggest day traders to short and hold for today target at 1.54500 and the second trade on or around 1.56800 for the final wave toward (v) or (I) of complete cycle.
Recommendation: Sell and Hold
Stop Loss: 1.6500
Target:1.54500

GBPUSD Signal

About the Author
Fadi Steitie

Fadi Steitie is an entrepreneur, investor and professional Forex trader who shares Forex signals with DailyForex.com based on his keen understanding of the market. His favorite pair is EUR/ USD because almost 40% of traders trade this pair and it does match most of his pattern recognition strategies. He is an expert in Elliot Wave principles as well as Ichimoku Kinko Hyu which he is currently researching. So far he has not seen many English translated books about this method of technical analysis, however he is continuing to read about it and believe this method has as much to give to traders like the Elliot Waves method does. Fadi is looking for the magic behind this principle even though many do not research this trading system.

Currency Pairs:
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