GBPUSD CURRENTLY AIMING 50% FIBONACCI EXTENSION BULLISH TURN

Following my analysis of this pair some six days ago where i predicted its possible slide from a previous retracement. Pattern now indicate the pair is in for its bullish turn as a key support has just be established at 1.5923. This would therefore serve as a temporary key support for the short term after the bullish turn is over and the bear comes in for its share.




key target for this bullish turn is put at 1.6124 from where it would retrace wome 32.8% down to further its bearish wave C leg or reestablish a high probability bullish wave 5 continuation. Whether or not this prices are certain- it is left for the market to decide. We take our profit turns on technicals.
The chart below completely depict the future behavior of GBPUSD.

However, if price drop below the technical support 1.5910; it could mean a bearish continuation of the wave leg C as seen in our previous weekly prediction on 6th of october, 2013.
Here is our chart of the open position with parameters.

NOTE: Price predictions produced by FibonacciPrice&PatternTrader may be affected by unforseen events like hurricane, earth quake, flood and other natural disasters consequently changing price patterns already predicted. Hence we advice strict adherence to money management techniques.

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