Search ForexCrunch

The pound managed to defy dovish meeting minutes and  gain some ground against the dollar.

The team at Nomura examines the charts and sees  the next moves:

Here is their view, courtesy of eFXnews:

GNP/USD has resolved a bullish rounded bottom pattern, notes Nomura.

“Although projection targets have already been met, we expect a continuation higher both in the near and medium term because of the impulsive nature of this rally.

From a wave perspective, waves-1 through 3 of an initial 5-wave move are in place and now a 4th wave consolidation is expected to form; a choppy triangle would be ideal. Once the range is complete another rally towards 1.5450 can mark wave-5 in the first leg of this new uptrend,” Nomura projects.

GBPUSD technical analysis October 12 2015 pound dollar

For lots  more FX trades from major banks, sign up to eFXplus

By signing up to eFXplus via the link above, you are directly supporting  Forex Crunch.