GBPUSD in the past week corrected almost 200 pips. Check connected trading idea from 26-May. Note that probably the cable won't reach the support zone of 1.2380-1.2400 and from here a test of SMA 200 will build a strong impulse upward. Duration of trading idea is 1 week. What is the supported thesis technically for the expected scenario on GBPUSD?
- Price-action will form in the next couple of hours - strong engulfing
- By Elliot waves, A-B-C is finished and tested on SMA 200
- The RSI indicator is below 30-level and soon will start moving up
If you have any questions related to this trading idea I will be happy to provide you with answers.
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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.