Short Term Elliott Wave Impulse in GBPJPY Favors Higher

The Fed maintained its monetary policy unchanged as widely anticipated. The ‘dots’ signalled delayed cuts, with median pencilling in only 1 reduction for 2024 (prev. 3) but 4 for both 2025 and 2026 (prev. 3). 2024 Core PCE forecast was adjusted to 2.8% (prev. 2.6%) while other forecasts were largely unchanged. UST yields retracted part […]

GBPUSD’s rebound off 200-day SMA still holds Stochastic in overbought area RSI ticks south above 50 level GBPUSD continues last week’s rebound off the 200-day SMA and the 50.0% Fibonacci retracement level of the up leg from 1.2300 to 1.3045 at 1.2670, but with some weakness today. The intraday bias looks neutral to negative, as the stochastic […]

Cable’s drop to a new low last week occurred in only three waves from 1.3044, suggesting it’s likely part of wave “b” in a complex correction. Therefore, we are looking for a potential flat formation here in wave B, with resistance possibly at the 1.3044 to 1.31 area. We think there is a chance for […]