The pick of the day is Cable, forex geek name for Mr. British Pound dancing against Ms. USA, which has just started wave 4 of 5 impulsive Elliott waves on the 8 hour dance floor. Adding Mr. Fibonacci to our analysis, our next target could be either at the 38% or 50% Fibo levels, at 1.64089 or 1.64580 respectively. Then we can expect a bearish number 5 Elliot Impulsive wave to begin.
On the daily dance floor, as predicted on Wednesday, the pair stopped its bearish move right at 23% Fibonacci and moved back up. Did you make any pips using this exit strategy?
To touch on the fundamentals to see what may have caused the new rise in GBP/USD, it well can be the US non-farm payroll & unemployment numbers that came out Friday morning and disappointed Ms. USA. According to the report from the US Bureau of Labor statistics, total non-farm payroll employment rose by 113,000 in January, and the unemployment rate was little changed at 6.6 percent. These numbers represented yet another miss on expectations of 185k, after last month’s disappointing print of 75k. As an Invest Diva graduate you would know that the dance floor is a constant competition between the two currencies, and since Mr. British Pound is the lead in the pair, a disappointed Ms. USA will take the pair to the north.
Stay tuned for more updates and if you feel like you’re lost in translation with this report, come one over to InvestDiva.com and check out our straightforward and easy education program.