GBP/USD – Short-term View

16 July 2014

Last 1.7122:

It’s possible yesterday’s rally may be a top and the risk/reward I think makes sense to enter short given the turnover in momentum oscillators and the price divergence into the high. I have yesterday’s high at 1.7191 labeled “Alternative wave (c) V” and targeting down to 1.6940 on the next minor wave lower, which represents a 50% retracement of Alt Wave 5 “top.”