GBP/USD H4



General Overview for 08/04/2014:

This count is THE VERY BEST OF A POSSIBLE WAVE PROGRESSION for bulls. The wave development here is very bullish but blease notice that any breakout below the level of 1.6622 will be first clue that the Ending Diagonal wave 5 green is in progress.

From the VSA perspective there is a WEAKNESS in the background and the latest distribution area between the levels of 1.6454 and 1.6820 has still not been broekn. The volume resistance level is at the level of 1.6748 and only if this level is broken, then price might test last swing high. Please notice that price is trading higher but the overall volume is decreasing. This price behaviour might suggest an Up-Thrust move by smart money trying to trap the uninformed traders that will buy between the levels of 1.6820 – 1.7026.

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About the author

Sebastian Seliga

Aktywny trader, analityk, ekspert metod inwestycyjnych bazujących na teorii fal Elliott'a, geometrii Fibonacciego i nie tylko.

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