GBPUSD has been in a religious uptrend since 1.1414 lows. The currency pair has carved Waves 1, 2, 3, and 4 respectively as labelled on the chart here. After having terminated Wave 4 around fibonacci 0.382 retracement of Wave 3 at 1.2100 handle, GBPUSD has been unfolding Wave 5 higher towards 1.2900 and 1.3200 respectively. With Wave 5, GBPUSD has managed to terminate lower degree waves i, ii, iii and iv (not labelled here) as well. Potential wave iv might have terminated around 1.2450/60 levels and the last wave seems to be underway towards 1.2900 and 1.3200 respectively. A push through the above resistance levels will mark a significant change in the long term trend for GBPUSD. Overall, the rally is set to gain as bulls prepare to take out 1.2900 handle.
Strategy:
Long against 1.1414, targeting 1.2900 and 1.3200
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.
Strategy:
Long against 1.1414, targeting 1.2900 and 1.3200
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.