Monthly: Moved higher from the 2016 low of 1.1905. Levels close to be bespoke resistance at 1.4390 found sellers. Aprils price action formed bearish Outside Bar, often an indication that the rally (correction) has come to an end. Follow through selling pressure has resulted in GBPUSD trading to the lowest level in 13 months.
Weekly: After completing a bullish Elliott Wave pattern (5-waves) a bearish Outside Week was posted from the high (1.4377). Cable is now trading close to the 61.8% pullback level of 1.2842. The Marabuzo level from week 6th August is located at 1.2882. We are seeing a stalling in upside pressure close to this level. It should be noted that a high close this week would post a bullish three wave pattern (Morning Doji Star)
Intraday: A five wave pattern (Elliott Wave) looks to have completed close to the 261.8% extension level of 1.2904 (from 1.2662-1.2754) The move higher has been impulsive. This normally suggests that downward moves will be mixed and volatile (corrective). Bespoke support is located at 1.2832. This is close to the previous swing high 1.2827. What was resistance, now becomes support. W look to buy dips
