1hr chart
GBPUSD was mine new entry for analysis. I kicked out AUDUSD as it is too messy with correction day in and out...gave up.Haha.
Lets look at the wave down on the hourly basic first..the rally before the close last week I labelled it as a wave 1 up and a retracement of wave 2 should end at 1.602 region. With that we can try to go on long.Of coz we need to put our stoploss(SL) and Target profit (TP) which I have placed them in the chart. With a housing data our at 4pm (SG time), a 1.2% housing price increase should be a + for the currency which we can see from the chart its spike up from 1.602. But of coz other facts can play in and affect this pair. If you notice,This is a more riskier play since we are acutally playing on a formation of a wave B on a larger degree (refer to below 4 hrly chart). In fact if proven wrong we might not be even have a wave 5 which ended at 1.602, it might go lower. But since 1.602 is a strong support, i believe the wave 5 down should have ended here. Cheers.
4hrly chart
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