Weekly, daily and intraday charts, are very interesting after the decision of Bank of England. The main trend is still bullish, and during the coming week, the pair might give us some trading opportunities on intraday chart (H4). If you are interested in trading opportunities on gbpusd, follow our updates that we will publish during the week.
TECHNICAL ANALYSIS "If" a corrective structure will appear, we will can search a SELL OPPORTUNITY around B point. To find a BUY OPPORTUNITY, we need to see corrective structure completion, and take position around C. Don't forget that the trend is bullish, and we can not absolutely rule out new highs before seeing a corrective structure in play, so you don't have to anticipate the market! We are Day Traders, and we respect one of most important rules about Technical Analysis: We Follow the Trend! Having said that, we prefer to look for a BUY OPPORTUNITY, but it must be just an individual choice. For Bulls Traders, target around 1.3860
As you can see in our latest analysis, we've always been looking for BUY OPPORTUNITY:
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BoE STATMENT The dramatic change in rate hike expectations from the Bank of England fueled the rally of the pound. On Tuesday, inflation data from the United Kingdom showed higher-than-expected numbers. The BoE took note and signaled that rates could rise sooner than expected, boosting expectations of a rate hike before year-end, despite the 7-2 vote in favor of keeping rates unchanged. Gertjan Vlieghe, member of the Monetary Policy Committee added more fuel to the rally of the pound after mentioning that “we are approaching the moment when bank rate may need to rise”. Vlieghe, a usual dove, is a strong signal of the shift in the BoE bias toward the removal of some stimulus.
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HOW TO TRADE ELLIOTT WAVES
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Have you a nice week!
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H4 chart....
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let's see if the Governor of Bank of England will be able to move the pair (4:00 P.M. London Time)....
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pullback in play....
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HARMONIC STRUCRURE IN DEVELOPMENT ON H4 CHART (as expected)