GBPUSD I believe we are in a negative 3rd wave dwn with a Long range target of 1.4865 the second target will be 1.4042. Supporting this view is the heavy break of the Poseidon pitchfork and price hanging just below the trigger line which is also below the 50% last 4hrswing high @ 1.5728 and the Top at 1.5780
With 4hr Anchor multiple time frame strategy setting its self nicely. I still think there might be a short term rally during the day and I will attempt to add to my sell position and will be looking sell rallies on every opportunity. So with all thing remaining sane and the flow continues below 1.5685 and price continues to spell out low highs we will stay short till target of 1.4865 is reached. Remember Price is king and Risk management is the emperor so stay vigilant.
Comment:
Tim Moore, Senior Economist at Markit and
author of the report said:
“Lower inflation provided some relief to UK
household finances in June, ushering in a slower
drop in cash availability and the least downbeat
assessment of future finances for over two years.
However, the overall picture is by no means akin to
‘fog in Channel; continental woes cut off’, and it will
take much more than a dip in inflation to carry this
resilience through the second half of 2012. A
worsening global economic backdrop in June,
alongside reports of a greater drop in income from
employment, continued to keep the pressure on
household finances. This in turn resulted in an
aversion to major purchases, as well as a further
erosion of savings and subdued spending patterns,
especially among the lowest income groups.”
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