Foreigners are banned from visiting the symbol of London

Market Leader informed

Yesterday the local authorities banned all foreigners from visiting the famous Big Ben tower in London.

Such a measure was taken in the fear of possible terrorist attacks. From now on only the citizens of Great Britain are allowed to visit the famous tower. However, they can only do that after applying through their sitting Member of Parliament. It should be noted that before the ban 20.000 tourists visited Big Ben every year.

Now it’s time to speak about Britain’s national currency.

The correctional wave (a downward wave of level H2 against the upward ABC pattern of level H4), which has recently been started and is still in the process of formation, is likely to turn into the beginning of another mid-term tendency reversal of GBPUSD at Forex.

According to the Department of studying Masterforex-V trading system , there are 2 scenarios of further price movement:

-          Getting over the 1.6298 level will indicate wave 5/A on H4. If the prices goes further down and overcomes the support level at 1.6107, we’ll witness the continuation of wave C of level D1

-          A downward H2 FZR* followed by a breakout of 1.6014 will cancel wave 4 of level H4, turning the price movement into a retracement against the upswing of level H8, started at 1.5651.

 

Tuesday’s news releases (GMT):

09:30     GBR - Manufacturing Production, Industrial Production, Trade Balance

15:00     USA - Wholesale Inventories

Levels of Support/Resistance:

1.6378 76.4% W1, 111.8%

1.6298 Н2 base, Oanda’s sell limits

1.6167/1.6156 Oanda’s buy stops

1.6114 the current price

1.6067/1.6056 Oanda’s buy limits

1.6014 50%,

1.6006 Oanda’s buy limits

1.5975 50% Н8

1.5899 61.8%

1.5909 50%, 138.2%

1.5870 50%, 176.4%,

1.5733 MF pivot

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H2 FZR = Fractal-Zigzag Reversal of wave level H2

 

 

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