GBP/USD Short-term View: Seems oversold and time for a bounce...

Update: GBP/USD Short-term – Near-term oversold?

31 July 2014/1:50 p.m. ET

Issue # 1255

Position: Long (from 1.6887 on 7/31)   Trend View:  I-T ↓     S-T ↓

31 July 2014 Last 16888: We have seen a nicely defined five wave sequence into the low today; now playing for a near-term oversold bounce to the 1.7000-level in minor wave (b).  You can also see a bit of divergence into the low (bottom pane).

Jack Crooks