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British Pound / U.S. Dollar
Long

GBPUSD ELLIOT CORRECTION WAVES

By forexorbit
Updated
GBPUSD
Is forming a Elliot correction wave of A. And its already completed the Fifth wave
And its running in a rising channel which is clear sign of bullish trend
Due to the corona virus spread in USA the USD is so weak in these days.This might continue in coming days
Even though the USA government announced the stimulus package to help the Economy Its failed to support the USD against major pairs such us EUR,GBP,CHF,JPY,CAD
We can open long position at the completion of minor wave A at 1.23250 which is also a 50% Fibonacci level
Primary target would be 1.25300 which might be a place where the minor wave B expected to close. Which is also a 61.8% Fibonacci zone
Stop lose may placed below the 1.22500 level
Recently 100 EMA and 200 EMA is formed a golden cross in GBPUSD which will further confirming the bullish trend
We can expect another Elliot impulse wave correction after this minor wave formations
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Primary target was acheived with +95 pips
Chart PatternsGBPUSDgbpusdanalysisgbpusdideagbpusdlonggbpusdsetupgbpusdsignalgbpusdtradeTrend Analysis
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