Pressure’s mounting – the pound could be set to shoot up

John C Burford turns to Elliott wave theory to explain why the pound is on the verge of a sharp move up against the dollar.

In recent posts, I have given extensive coverage of the euro, so today I will turn my attention to the pound, which is also offering some terrific lessons in reading the charts.

As always, I like to begin with the long-term chart, because with an understanding of the history of the market, you can more easily assess where in the wave development the market presently resides.

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John is is a British-born lapsed PhD physicist, who previously worked for Nasa on the Mars exploration team. He is a former commodity trading advisor with the US Commodities Futures Trading Commission, and worked in a boutique futures house in California in the 1980s.

 

He was a partner in one of the first futures newsletter advisory services, based in Washington DC, specialising in pork bellies and currencies. John is primarily a chart-reading trader, having cut his trading teeth in the days before PCs.

 

As well as his work in the financial world, he has launched, run and sold several 'real' businesses producing 'real' products.