GBP/USD DAILY as of Friday, 15 March, 2013
The present wave patterns are:
fast amplitude (8%): bullish wave 2
moderate amplitude (13%): is undefined!
British Pound / US Dollar is long term Bearish as the 144 days moving average of 1.57 is decreasing. The Relative Strength Index is at 41.23 in the neutral territory. The Relative Momentum Index is at 8.15 in the oversold territory. An important indicator for Elliott waves, the Elliott oscillator is at -0.03, in negative territory; this is a bearish sign. An equally important indicator, the STORSI is at 70.37. This value is in the overbought territory.
A SAR Buy signal generated on Friday. If short, this might be a good place to exit.
I am trying to understand your read on GBPUSD :
Bullish wave 2
Long term bearish moving average
Relative Strength Index Index is neutral
Relative Momentum Index is oversold
Elliott Oscillator is bearish
STORSI is overbought
SAR has a buy signal
I was expecting a bounce last week, as we saw there was an enormous bounce last week, but as usual I came in far too early to be able to take any pride in my call. It shot about 100 pips up against the AUD.