The 15-minute chart of GBP/USD on FXCM is showing a potential short opportunity based on the Elliott Wave structure. The pair appears to be completing a corrective wave (b) and is now likely to head towards the wave (c) target.
Key Levels:
Wave (b) Retracement: 0.906 (1.30483)
Wave (c) Fibonacci Extension: 1.618 (1.29815)
Traders could consider entering short positions targeting the completion of wave (c) around the 1.29815 level. The stop loss could be placed just above the recent high of wave (b) to limit potential losses.
Key Levels:
Wave (b) Retracement: 0.906 (1.30483)
Wave (c) Fibonacci Extension: 1.618 (1.29815)
Traders could consider entering short positions targeting the completion of wave (c) around the 1.29815 level. The stop loss could be placed just above the recent high of wave (b) to limit potential losses.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.