15.12.201115:31 Forex Analysis & Reviews: GBP/USD: Tight Sideway Range.

Long-term review

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Today's Support and Resistance levels:

R3: 139.74

R2: 139.36

R1: 138.91

Current spot: 138.76

S1: 138.56

S2: 138.14

S3: 137.69

Technical summary:

Blue wave ended early at 139.36 (the ideal corrective target was at 1.3974). We are now looking for a break below support at 138.56 to confirm the final decline in blue wave v towards at least 137.69 and more likely even lower towards 136.67 to end blue wave v and red wave iii. As red wave ii wave a simple zig-zag that corrected most of red wave i we should expect red wave iv to be a flat and shallow correction.

Trading recommendation:

We sold EUR at 138.73 and will place our stop at 139.40. If you are not short in EUR yet, then sell near 138.90 or upon a break below 138.56 with the same stop at 139.40.

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