GBP/USD H1 & Daily Update

Alternative target for wave 5 of 1 has been hit: it is SUPPLY are on Daily chart.
Please notice there might be one moew wave to the upside as the recent move is in three waves so far I guess.

Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/gbpusd-h1-update_3913.html

GBP/USD H1 Update

Two levels to finish this wave 1: 61% or 100% Fibo Projection.

Both levels on chart.

Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/gbpusd-h1-update_18.html

GBP/USD H1 & H4 Update

If You just tried to trade my last signal in this pair - the Running Flat Possibility Area 1 - right now You should be 125pips in profit.

Right now I will count this as impulsive progression until proven otherwise.
The general idea is to buy the dips, like now: the pair might be soon  in wave 2 correction mode, we need one more push up to finish wave 5 I guess.

Please notice the bearish divergence as well.

More TPI to come.

Take care,
Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/gbpusd-h1-h4-update_17.html

GBP/USD H1 Update

First orange rectangle has been hit and first scenario for wave 2 low has been activated. So far not much of impulsive development.

If You traded this You should bank about 40-50 pips.


Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/gbpusd-h1-update_14.html

GBP/USD H1 Update

Impulsive idea was abandoned.

Now Running or Expanding flat idea in play only.

Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/gbpusd-h1-update_13.html

GBP/USD H1 Update + TPI

Rationale:
The most probable pattern of wave 2 bottom @ 1.6000 is not that clear anymore and it looks like we got some more complex correction here due to the fact that there is not much of impulsive movement continuation at the moment. Nevertheless, I'm still more bullish on GBP/USD until proven otherwise, so I can expect more upside impulsive movement after this correcion will be over in shape of almight wave 3.

There are two possibilities of corrective wave development there: Running or Irregular Flats for example. Levels for this ideas are on chart.

Please use tight stops just below the rectangle area if You are planning to trader Running Flat

Entry:
Running Flats two levels on chart just as the orange rectangle shows:
Area 1 - 1.6090 - 1.6081, SL: Just below.
Area 2 - 1.6066 - 1.6060, SL  Just below.

If that two levels are broken, wait for better R/R opportunity.


Take care,
Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/gbpusd-h1-update-tpi_13.html

GBP/EUR & GBP/USD forecast 2012/2013

Thursday 13th December 2012 

 Good afternoon everybody. In this afternoon’s post I’m going to take a detailed look at Pound/Euro rates, and the forecast for where rates may go in 2012 and 2013. I will also have a look Sterling/Dollar rates. 

I will also run over some of the options and contract types I can offer for any currency requirement you may have in the next 2 years, to help you get the best exchange rates and make the most of your currency. 

Pound/Euro stable in the mid €1.23’s 

 

The Sterling/Euro exchange rate has fallen slightly in recent weeks, but still remains firmly above the 1.20 mark. The reason for the fall is twofold, and will be familiar to regular readers as it’s been the main driver of exchange rates all year! 

Firstly we have the progress made in Europe, which the markets have taken to be positive. This has seen the Euro gain some strength and thus become more expensive to purchase. We also have the threat of the UK’s credit rating being downgraded, which has taken some steam out of the Pound. 

Some in the market are now saying that the euro could gain further support after the European Union agreed to make the European Central Bank the bloc's banking supervisor. This is positive news for the Eurozone, and so could pull rates down further. Of course things are so volatile in the Eurozone, it’s impossible to predict what will happen in the coming weeks. You can read about the new Bank rules here.

What UK news is affecting the Pound?

On the UK side, data has shown that British factory orders rose this month, although there was little reaction in the currency markets with the Pound remaining largely unaffected. Of more important to Sterling at the moment are growth prospects and credit ratings. 

In his recent autumn statement, George Osborne downgraded growth forecasts and said the country will miss debt-cutting goals. This has increased concerns the UK will lose its prized AAA credit rating. Only the UK and Germany retain good credit ratings from all major agencies. This could of course weigh on the Pound should we be downgraded. 

In my opinion however moves in the Pound/Euro rate will be driven more by developments in the euro zone in coming months rather than what will happen in the UK. Markets are waiting to see whether Spain will apply for aid, triggering the European Central Bank's bond-buying scheme that is seen as providing a backstop to peripheral debt markets. 

So which way will Pound/Euro rates go now?

In a nutshell, if things remain positive in Euros, GBP/EUR rates could fall. Should there be any unexpected deterioration of the situation in any of the troubled EU countries such as Spain, Italy, Portugal or Greece, then we could see renewed weakness in the Euro, causing rates to climb again. 

Regardless of whether you are buying or selling Euros, simply sitting back and hoping the market will move in your direction invariably means you are simply chasing the market using hope as your only economic tool. A wiser strategy would be to use tools such as Stop Loss and Limit orders, so you can take control of your requirement and allow you to budget effectively for any requirement you may have in the coming months.

If you would like a free consultation on the types of contract we offer such as Stop Limit orders, then get in touch with me today. I can discuss your requirements, let you know all your options and give you my view on the current market forecasts. In this way you can make an informed decision on what to do and when to buy your currency. Simply leaving things to chance could cost you dearly. 

Click here to send me a free enquiry, and book your free telephone consultation now. 

Pound Dollar remains near 6 week high vs. US Dollar 

 

The Pound has recently been at a 6 month high vs. the US Dollar, however fell a little today during trading. Sterling pulled back somewhat because investors took some profits after the news that the FED has announced a new round of monetary stimulus, which was expected. 

Moving Forwards, rates I think will now remain above the .60 mark against the Dollar for the rest of the year, especially if we see hints that the Bank of England wills hold off from signalling further Quantitative Easing in the UK. 

If you need to buy US Dollars at the best exchange rates, there are 2 things you should consider. Firstly, you can fix the rate now while it’s so good, using either a Spot of Forward contract. A spot contract needs to be settled in full within 2 working days of booking your rate. A Forward contract allows you to fix the current rate for up to 2 years, and only lodge 10% of the total to be converted. The remaining 90% becomes due when you want to have your US Dollars transferred. 

A second option is if you think the rate will rise further. You can place a ‘Stop Loss’ order at a level slightly below the current rate. This means if the market drops, your currency is secured at that rate, protecting you from a further decline, and giving you a worst case scenario. The advantage of a Stop Loss is that if the market continues to rise, you can continue to take advantage of any gains, raising your stop level in line with market movements. 

Click here to send me an enquiry to find out more about these types of contracts. 

Source | Foreign Exchange Rate Forecasts | http://foremostcurrencygroup.blogspot.com/2012/12/gbpeur-gbpusd-forecast-20122013.html

GBP/USD H1 Update

Last chance for beras is this level we are on now - any new high puts impulsive count to play.
Invalidation line added but please notice that it can be 1-2, i-ii development as well.


Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/gbpusd-h1-update_1836.html

GBP/USD H4 Update

Remember this chart?

Right on sell target.

This is my bullish view.

Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/gbpusd-h4-update_12.html

GBP/USD H1 Update

Bears last chance is ABC Expanded Flat ( less and less likley...)

Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/gbpusd-h1-update_3011.html

GBP/USD H1 Update

Broken supply level leads to futher advance in this pair but so far it looks nice as wave B top.

Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/gbpusd-h1-update_12.html

GBP/USD H1 UPdate + TPI

Rationale:
Trading the triangle breakout up in anticipation of wave 5 to come or downbreak in anticipation of wave C.

Entry:

(1)Anything above 1.6095 is BULLISH an it looks like we can trade the wave 5 of C.
TP is SUPPLY AREA of 1.6118 - 1.6130
     
(2) Anything belowe 1.6073 is BEARISH and we can trade a downbreak.
TP is Weekly Pivot level of 1.6042

Both scenarios: TIGHT STOPS in case of fakeouts!
 

Take care,
Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/gbpusd-h1-update-tpi_11.html

GBP/USD H4 Update

Wave 5 might not be finished yet, but it looks like end is near.

Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/gbpusd-h4-update_11.html

GBP/USD H1 Update

So it has broken to the upside.
Alternative count added. Just need to make sure wave alt:1 is in five waves.

Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/gbpusd-h1-update_11.html

GBP/USD H1 Update

Looks like wave B is finished?

Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/gbpusd-h1-update_10.html

GBP/USD H1 Update

Current situation is:
Wave 2 has finished in three waves (a)(b)(c) or it is only first leg of deeper pullback.
A Leading Diagonal Possiblility or wave B in develop now.

Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/gbpusd-h1-update.html

GBP/USD H1,H4 & Daily Update

On Daily chart we can see buying into 50 and 100 DMA cross.

Otherwise I'm still waiting for more upside action as impulsive wave 3 is on the way according to my chart.

Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/gbpusd-h1h4-daily-update.html

GBP/USD H1 & H4 Update

Stalking this count for possible wave 2 bottom.
Please notice very high score on FTC today between 13:00 - 14:00


Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/gbpusd-h1-h4-update_7.html

GBP/USD H4 Update

Generally wave 2 in corrective mode.

Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/gbpusd-h4-update_5.html

GBP/USD H1 & H4 Update + TPI

Rationale:

If wave wave has finished, agressive traders  migh profit from selling the rallies on corrective wave c.

Entry:
Sell market 1.6107 - 1.6110
Stop Loss: 10 PIPS.
TP: 1.6070

Take care,
Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/gbpusd-h1-h4-update-tpi.html