Quick Take: GBPUSD - Reaching a Critical Level!

Updated

We went short on this on Tuesday and we are already up +260 pips and looking to cash in over +330 pips on this trade. But what to watch for is this POTENTIAL Bat to complete right at a MAJOR support zone. From there, we should see a BIG move back up! Overall, I am still BULLISH on this pair.

Note

Ok, just as I projected, prices dropped right down to that "critical Zone" I labeled. And is being rejected by it. That POTENTIAL Bat has been completed as well. The 5-wave wave c of (b) is also now complete. So given all that, we should be expecting the next move to be up from here. This is now a low-risk trade with plenty of upside potential! However, there is a alternate scenario that has an extended wave (b) still in progress and that we will be seeing a much longer and large sideways pattern take place into the new year. PM me for that ALT chart.

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