As expected the pound continued moving toward the downside, reached our first target, and came 8 pips short of reaching our second target. Now that price has reached an important support level and seems to have completed its corrective pattern, it's reasonable to prepare for an upward reversal. It is possible that the correction is still incomplete, but if that's the case, any further decline should be quite limited. Read More

Although the price action has been choppy and overlapping, the pound is moving as expected toward the downside and it's inching closer to our targets. At this point there's no evidence at all that this downward correction is complete, so our count remains largely the same. I've presented an initial labeling of its subdivisions, but it's too early to be sure they're the best fit. Luckily, we don't need an exact labeling to calculate the targets of the larger pattern. Read More

While the pound continued its upward movement past our invalidation point, the price action continues to be slow, choppy, and deeply overlapping. I think the count that best explains this strange mixture of impulsive and corrective behavior is, again, a leading diagonal in the first-wave position, which I've traced out on the hourly chart. I can't yet be sure whether this diagonal is complete or not, but there are some indications that it is. But even if continues to move upward, the advance should be extremely limited. Read More

The pound had a surprisingly strong rally of over 150 pips, which more than fully retraced the preceding deep decline by about 20 pips. For the past several hours, the cable has been testing the new high without much success. The possibility of a leading diagonal still seems to be the most fitting. Read More

The pound first moved toward the upside as expected to reach and exceed our first target, and then it rapidly dropped nearly 150 pips. The very impulsive nature of this decline, coupled with the fairly non-impulsive character of its preceding advance, have me convinced that we're more likely looking at a leading diagonal (rather than an impulse) in the first-wave position. I've also updated the alternate daily count in case the market has actually begun a larger-degree downtrend. Read More

Hello again, everyone. This is Tamer, filling in for Nady this week. The pound has spent most of the past 24 hours moving generally sideways with with a slight downward slant. Its movement overall has been very choppy, and can be interpreted in so many different (even conflicting) ways. The main count still expects the continuation of upward movement, but it's more important now than ever to stick to the confirmation and invalidation points as strict guideposts until the market clears up a bit. Read More

The pound drifted upwards and the main count's confirmation point is yet to be reached. We are are updating both hourly counts according to the latest price action and to provide the best fit. The main count expects that Cable has found a bottom and that the larger trend is up and has re-emerged. On the other hand, the alternate hourly count suggests that Cable's decline is incomplete and that lower lows remain on the table. As always, we will wait for either counts' confirmation point to be reached to determine the highly probable count. N.B.: My sincere apologies for the delay in publishing today's analysis because of some technical difficulties. I will be out of the office from Wednesday through Tuesday. Many thanks to Tamer Elzein for filling in. Read More

Cable started the day by unfolding downwards, confirming the main hourly count and soon after target was reached and exceeded and Cable found a bottom. The significance of past Friday's low remains to be seen. The main hourly count expects that the pound has found an important bottom for the mid term. On the other hand, the alternate hourly count suggests that Cable's decline is incomplete and that lower lows remain on the table. As always, we will wait for either counts' confirmation point to be reached to determine the highly probable count. Read More

The drop below 1.3174 confirmed the main hourly count and the first cited target was reached and Cable inching lower towards the second cited target. The main count continues to expect that corrective lower lows lie ahead and we continue to update the more bearish daily alternate count which suggests that Cable has located a top, completing a fourth wave of intermediate degree and that a fifth wave is in its very early stages. The theme for the day is that upwards movement should prove corrective and set the stage for further decline. Read More

Cable unfolded lower in line with the main count and targets are yet to be reached. The main count continues to expect that lower lows lie ahead while the alternate count anticipates near-term trend reversal. It is worth noting that the alternate count is rapidly losing ground as the time relationship between its corrective waves are becoming problematic. We continue to update the more bearish daily alternate count which suggests that Cable has located a top, completing a fourth wave of intermediate degree and that a fifth wave is in its very early stages. Read More