Daily Forex Outlook: GBP/USD

Daily Forex Technicals | Written by Karoll Financial House | Apr 08 09 10:14 GMT |

The chart shows my count for GBP/USD since the reached low 1.3503. I think that a flat correction is developing from this level with wave C of it currently under way. I suggest that this wave C will turn out to be a terminal impulse (ending diagonal) and if this is the case, we should see initial rise to 1.5000 followed by a sharp sell-off below 1.3500. From a short term point of view we should be currently in wave 4 of the said wave C. There is still no confirmation for the end of wave 4 of C but I entered long position (I should admit that it is too risky at the moment) Trading strategy: 05:53 EST; 10:53 GMT Long position from 1.4705, stop loss - 1.4580, target - 1.4960 Karoll Financial House