GBPUSD is progressing towards 1.2900 levels as Wave 5 is unfolding since 1.2100 handle. Within Wave 5, a lower degree wave iv seems to be underway, and is expected to terminate close to 1.2500/30 levels going forward. Please note that fibonacci 0.382 retracement of wave iii is passing through 1.2529 and high probability remains for a bullish bounce, as a general guideline of the wave principle. Once complete, GBPUSD is expected to proceed towards 1.2900/50; as wave v begins to unfold. Overall, GBPUSD remains bullish against 1.1414 support over the long term. Immediate support is at 1.2100 handle and ideally GBPUSD should stay above that handle.
Strategy:
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Strategy:
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
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.
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.