Yesterday GBPUSD brake out of downward trend.
I expect this upside reversal will continue.
Today, it is likely that gbp will shift sideways, correcting the recent uptrend, which is marked as wave 1 (green).
In mid term gbp is expected to reach at least 1.33. if recent uptrend structure holds.
light blue line with upward slope should serve as support. its breakout will question uptrend assumption.
I'll provide updates when situation clarifies.
I expect this upside reversal will continue.
Today, it is likely that gbp will shift sideways, correcting the recent uptrend, which is marked as wave 1 (green).
In mid term gbp is expected to reach at least 1.33. if recent uptrend structure holds.
light blue line with upward slope should serve as support. its breakout will question uptrend assumption.
I'll provide updates when situation clarifies.
Trade active
It is already moving possible structure abc - expending flat.
I missed time to post this alternative, which I also considered.
Note
pound went messythere might be a possible alternative to the downside, which should be considered.
gbp has broken minor upward structure, which was formed with that spike in price.
entire price movement [Feb 12-13] may be an ABC correction, after which downward trend resumes.
bigger (initial) upward structure, which I mentioned in the begging, still holds.
current support level 1.2863 (light blue line with upward slope).
break below it may trigger strong selling pressure or at least change entire upward structure.
Trade closed manually
confirmed.GBPUSD broke the structure. now it's likely to continue falling.
it might form more complicated pattern to the upside too.(unlikely)
eventually I forecasted not an short term 85pips move to the upside, but only intraday ending move. entire structure appeared to be a correction to resume downward trend.
Note
since last update, which called for downtrend continuation, was published, GBPUSD has lost 90pipsthen rate surged 300pips, probably starting a new mid-term uptrend.
mid-term targets are: 1.324 1.353
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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.