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GBP/USD Signal Update - June 26, 2013

Currency: GBP/USD
Method: Elliott Waves
Description: To update you on yesterday technical analysis trade call, I mentioned that wave (i) been completed 100% and a correction was expected before the major expected drop in price. However, I used RSI indicator to show a divergence in trend movement and the indicator where it shows wave (i) ended at price 1.53462 and the RSI just jump above trend line polarity. That indicate a momentum is positive and should pull the price a bit up like a 120 pips which considered final minor wave (c) toward 1.55464 level or a above in expected range. I will keep my short trade open keeping my eye on 1.55464 and 1.55940 target level. Once price reach what expectation. I will add more lots to my short trade for major expected drop. Stay tuned...
Recommendation: Sell and Hold
Trade Duration: 14 Days or more
Stop Loss: 1.57000
Target: Open with expectation toward 1.40000 soft target

GBP/USD Signal - June 26, 2013

Fadi Steitie
About 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.

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