Marketiva Forex Trading – Cable Hit Elliott wave Expansion
Today is a bull market for GBP/USD.It started at early 0500am (GMT +8) when Cable testing low of the day at 1.9418,its a strong 50% fibonacci support for cable.From then Cable bounched off to new high at euro zone.Now in early New York trading,Cable break important resistance at 61.8% fibo level.This action makes Cable to act as my yesterday 1st Elliott wave possibility to expand their wave V.At the time I wrote this posting,Marketiva has recorded 1.9581 as today’s high.That is just nice 161.8% extension level for Cable to complete its wave V.
In few minutes,there is an importance announcement,US Housing Starts that will be release at 8:30pm.There is a possibility for cable to expand from current movement if the data release bad for US,but my advice is stay a side since today’s target has been hit.
With this waveV completed,cable may consolidate for a while.Just wait for next clear/good price action to show up.
Regards,
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