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Easytrader, during this post, I overlooked the fact the WS2 was already hit, as per the WF, and so we already had that strong move as predicted. The pair should be correcting a bit from this point. AS you can see it is flying above the cloud. Using an altimeter as a metaphor, the pair needs to come down a bit. Watch for the tenken and kijun to be stronjg supports. If they hold, then that is your signal we are headed to the WR2.
Easytrader, this is what I wrote as per my comments in the Weekly Forecast:
GBP/USD: The strong finish that ended last week should continue, but briefly. The WS1 at 1.5476 needs to contain any correction. As long as that is the case, then the WR2 at 1.5684 should be visited.
The pair did have a strong dip during London, but an even strong recovery right before NY. Now that down move has started, as per the forecast. Watch for the WS1 at 1.5476. As I mentioned that needs to contain, and as long as it does, then this pair should wing its way to the WR2 at 1.5684 this week.
It depends on how you measure volatility. If you measure it in terms of the average daily range, then it would be the EUR/USD. Over the last 52 weeks, ADR for the EUR/USD is 143 and the GBP/USD is 127.
GBP/USD: The strong finish that ended last week should continue, but briefly. The WS1 at 1.5476 needs to contain any correction. As long as that is the case, then the WR2 at 1.5684 should be visited.
The pair did have a strong dip during London, but an even strong recovery right before NY. Now that down move has started, as per the forecast. Watch for the WS1 at 1.5476. As I mentioned that needs to contain, and as long as it does, then this pair should wing its way to the WR2 at 1.5684 this week.
It depends on how you measure volatility. If you measure it in terms of the average daily range, then it would be the EUR/USD. Over the last 52 weeks, ADR for the EUR/USD is 143 and the GBP/USD is 127.