GBPUSD Recommendation: BUY

Following an unexpectedly large drop this is a make or break moment for the pound/dollar. Each of the support going down was easily overtaken during the week and the rate is going close to the big one at 1.40620. In the meantime the RSI has fallen to 27% so a rise is expected soon. Now is a good time to buy with a close stop at the major support.
There are two backup scenarios where one is a turnaround and I am far from the idea at the moment and the other one is a bounce off the 1.39760 support which would rearrange the way that we view the waves in this formation. Right now the risk is low and potential bullish profits are high so my short positions just closed and the next few movement is the one we are expecting and it is crucial.
On the fundamental side the Crude Oil Inventories huge rise did not affect the USD as much as anticipated so not much to discuss really

GBPUSD

Recommendation: Strong BUY
Following last week’s developments the GBPUSD pair is moving as planned with a corrective formation.
For those that are risk seekers the short term profit still remains in selling, however I have started building up buy positions with smaller volumes and will increase the volumes the closer we get to the strong 1.40626 stop line.
Currently a clear Elliot wave is forming with the end of the 3rd wave’s 1st wave and going into a 2nd wave corrective formation.
On the fundamental side, the trigger for a movement either up or down will probably be Wednesday with oil and key speakers.
The expected supports where the correction end could be expected are 1.42262 and 1.41612.