British Pound Crosses in Well Defined Uptrends

Daily Forex Technicals | Written by DailyFX | Jul 31 08 21:12 GMT |

GBPCHF Expect a break through 2.0963, possibly as early as next week. The rally from 1.9421 to 2.0963 is in 3 waves and is wave A of what is probably a flat. Wave B most likely ended at 2.0012 and wave C is underway now. Wave C would sport equality with A at 2.1554. The 200 day may serve as resistance as well at 2.1286. GBPCAD 5 waves up from 1.9288 confirms the long term bullish bias. The decline from 2.0409 did reach the midpoint of the triangle and the GBPCAD has reached and slightly exceeded the wave 5 high. Unless an expanded flat is underway, the GBPCAD will accelerate higher in wave 3 over the next few weeks. Look for potential support near 2.02. A bullish bias is warranted against 1.9999. GBPAUD We wrote last update that "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." The pair has exceeded 2.0933 and the initial objective is 2.1426 (161.8% extension of 2.0295-2.0932/2.0393. A correction to at least 2.0923 is likely near term but price should remain above 2.0633. GBPNZD Last week, we mentioned that "price should remain above 2.5863 as the rally continues from current levels." The advance is nearing a the top side of a potential channel. Any near term decline should find support at 2.6653 or channel support. The long term trend is up so look to buy dips near these mentioned levels, against 2.5855. 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.