Daily Forex Technicals | Written by DailyFX | Jul 23 08 21:49 GMT |

British Pound Crosses Accelerate Higher GBPCHF Recent commentary mentioned that "the GBPCHF remains in a 4th wave correction that will complete as either a triangle or flat. The rally from 1.9421 to 2.0963 is in 3 waves and is wave A of the triangle (or flat). Wave B most likely ended at 2.0012 and wave C is underway now for a break of 2.0963. GBPCAD As we’ve commented on in past weeks, "5 waves up confirms our long term bullish bias. Expect a corrective decline to command the bulk of the next 2 months." A corrective decline has unfolded, bringing the GBPCAD back to the midpoint of the wave 4 triangle. A deeper decline into the 61.8% at 1.9716 is possible but the rally from 1.9919 could be the beginning of a 3rd wave, therefore a bullish bias is warranted against there. GBPAUD We wrote last update that "the GBPAUD came under 2.0547, potentially completing a flat correction in the process. This flat would be an expanded flat. In expanded flats, wave b exceeds the origin of wave a and wave c ends just beyond the origin of wave b. That is the case here. There is a good chance that the GBPAUD accelerates higher in the coming days and weeks." The GBPAUD has accelerated and price should continue higher in this 3rd wave (or C wave) from 2.0393. A break above 2.0933 is what we expect at minimum. GBPNZD The most recent update stated that "we maintain that this move higher from the double bottom near 2.40 will continue although near term, there is potential for a sizeable decline; to at least 2.5775. Longer term, the GBPNZD has overcome the 200 day SMA, which bodes well bulls. Look to buy on dips near the mentioned 2.5775 area." The most recent dip ended at 2.5863 and price has accelerated higher, nearing 2.67 today. Price should remain above 2.5863 as the rally continues from current levels TREND ANALYSIS is based on a rolling pivot model. LONG TERM TREND is determined by the last 3 months of price data (high, low, close). SHORT TERM TREND is determined by the last 4 weeks of price data (high, low, close). R3, R2, R1, PL, PH, S1, S2, and S3 are provided to aid in identifying entries and exits. These are objective measures and our subjective analysis (STRATEGY) may differ. DailyFX Disclaimer Investment in the currency exchange is highly speculative and should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only. Accordingly we make no warranties or guarantees in respect of the content. The publications herein do not take into account the investment objectives, financial situation or particular needs of any particular person. Investors should obtain individual financial advice based on their own particular circumstances before making an investment decision on the basis of the recommendations in this website. While we try to ensure that all of the information provided on this website is kept up-to-date and accurate we accept no responsibility for any use made of the information provided. All intellectual property rights are the property of Daily FX. Daily FX and its affiliates, will not be held responsible for the reliability or accuracy of the information available on this site. The content herein is provided in good faith and believed to be accurate, however, there are no explicit or implicit warranties of accuracy or timeliness made by Daily FX or its affiliates. The reader agrees not to hold Daily FX or any of its affiliates liable for decisions that are based on information from this website. Daily FX highly recommends that before making a decision, the reader collects several opinions related to the decision and verifies facts from at least several independent sources.