June 23, 2010

GBPUSD made up over 700 pips since the turn day on June 6, 2010, a day called out by this site.

It has now broken upward out of the channel and is fighting resistance from a longer term downward channel. If price breaks clear of this resistance the next hurdle will be at 5050 and a clear break above will give room to attack 5160 which is a Gann resistance. Price has been very choppy going upwards in what looks like a double zigzag, but with price threatening to beak out of the channel we need to see if something else is happening. Nothing is is off the table when it comes to corrective waves. The next big cycle date is 7/7/2010. Cycle days may come a little late, or a little early but the intermediate term bias is cautiously up, but not excluding a dip here and there.

June 23, 2010

GBPUSD made up over 700 pips since the turn day on June 6, 2010, a day called out by this site.

It has now broken upward out of the channel and is fighting resistance from a longer term downward channel. If price breaks clear of this resistance the next hurdle will be at 5050 and a clear break above will give room to attack 5160 which is a Gann resistance. Price has been very choppy going upwards in what looks like a double zigzag, but with price threatening to beak out of the channel we need to see if something else is happening. Nothing is is off the table when it comes to corrective waves. The next big cycle date is 7/7/2010. Cycle days may come a little late, or a little early but the intermediate term bias is cautiously up, but not excluding a dip here and there.