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GBPUSD: Intra-day Waves Are Turning Bullish For Possible Re-test of 1.5600

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May 08 2013

GBPUSD is still trapped in 1.5450-1.5600 range where we can see only three waves down from last week high. Also notice that current intra-day rise extended above 1.5520 level which means that any previous bearish impulsive interpretation is now invalid. Therefore, we think that bullish price action is back in force with possible test of 1.5600 later this week. Five waves up from potential wave B) low will confirm the bullish view for the GBP; until then don’t chase; its no-man’s-land.

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