Cable came down in the last couple of hours, but as long as the decline from the top is in three legs only, and not in five, we cannot confirm any top in place for the pair. So for now, the intraday trend is up, but we are waiting on bearish reversal signs to be sure. It seems to be too early at this stage.
GBPUSD 30min Elliott Wave Analysis
On JPY crosses, GBPJPY is the mover of the last few sessions after the “NO†vote in the Scottish Independence referendum. On the chart below we see a nice extended move from around 173 that looks like a third wave. So, more gains should follow after any pullback. Ideally we will get a wave 4 retracement back to 177.80 area where new support can be seen for a move up into wave 5.
GBPJPY 1h Elliott Wave Analysis
