This is from Fxcm
GBPUSD – Cable appears to be nearing the end of a 5 wave bullish sequence from 1.7046. The 5th wave of this advance began on 10/11 at 1.8515 and is likely near the end of its 3rd wave. Thus, what is left is a corrective move lower (which looks to be occurring now) and perhaps one more high above 1.9846 before a multi month decline begins to correct the advance from 1.7046 . Fibo support begins at the 38.2% of 1.8834-1.9846 at 1.9461. Support at that area is reinforced by the 11/27 gap opening high at 1.9463.
http://www.dailyfx.com/export/sites/...2006Techs4.gif
GBPUSD – Cable appears to be nearing the end of a 5 wave bullish sequence from 1.7046. The 5th wave of this advance began on 10/11 at 1.8515 and is likely near the end of its 3rd wave. Thus, what is left is a corrective move lower (which looks to be occurring now) and perhaps one more high above 1.9846 before a multi month decline begins to correct the advance from 1.7046 . Fibo support begins at the 38.2% of 1.8834-1.9846 at 1.9461. Support at that area is reinforced by the 11/27 gap opening high at 1.9463.
http://www.dailyfx.com/export/sites/...2006Techs4.gif