With the predicted bearish Butterfly we highlighted on Thursday/ Friday we have concluded that at the moment the GBPUSD is still in a short term corrective phase ready for next week’s Push in a larger wave 3. I guess it will kind of make sense there will be a lot of foreign currency exchanged into pounds from visitors from all over the world.as the 2012 Olympic games approaches next week. Simple but logical observation regarding the ebb and flow of money, So let’s see if my Elliott wave count syncs in with current events.
With an ending a-b-c in 2 and a micro5th wave advance during the beginning of July leaving us presently in a fourth wave pull back ready to move on ahead. Stochastic Daily and trend is still very bullish with the 4hr Anchor pulling back in my opinion the pull back will need to hold 1.5560/ 1.55213 which is also a 50% stochastic yellow line daily will have to stay bullish . Mr Price should not by any circumstances go beyond 1.5483 this is my final exit on this count. Stay tunes and let the games soon begin.
4hr Anchor
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