Let’s take a look at the GBP/USD hourly chart.
The steep upward movement from the beginning of the year looks like it may have a little more steam to push the currency pair a little higher.
In the shorter term, look for a retracement to the downdie – then once that’s complete, look for another move up (which our count shows as a W5 Impulse).
Remember, some people love trading wave 5 of impulses but you must proceed with caution because wave 5 can be a truncated 5th.
However, in either case, we could easily potentially see the move up to the 1.6100 – 1.6150 area and above.
Be sure to apply your money management when trading.
For any trader, hedge fund, developer, programmer or IT personnel who is interested in learning about Fix Protocol, there will be a 1 day training course on May 12, 2011 in Las Vegas, NV. You also get $50 off your registration if you mention “ROSS”. There is a minimum amount of attendees required to hold this seminar so please pass it on to your colleagues.
Here is a link to the event: http://guest.cvent.com/d/9dqt7k