Short

Updated

GBPUSD LONG term SELL setup

Looks like pound comleted a big corrective structure. (wave 4 red)
It means, that buy targets may be already reached. and it's time to look for SELL opportunities!
1.2683 is 61.8% of wave A(yellow), possible end of final wave C(yellow).
Now wave C (1-2-3-4-5) structure is close to be broken.
Here is close look.

this breakout should confirm the begining of a long time BEAR market.
LONG TERM SELL targets are: 1.17; 1.11; 1.01.
Keep an eye on it!!!
Don't miss a BIG move DOWN!

Trade active

currently market corrects 2feb-3feb fall.

Trade active

Breakout is done.
flag is formed or still been forming.

watch it!
dont miss this SELL!

Note

GBP currently performs correction pattern.
Wait for pointed targets to be reached.
then wait for breakout of wave's c trendline to sell it.

Trade active

looks like flat pattern corrected 38% of 7th feb 5:05-11:20 move.

Note

be cautious with gbp next 2-3 days.
my sell call caught 150 pips decline move.
now gbp needs to form some correction pattern.
levels to watch:

market listens to BOE, brexit execution news.
to short gbp we need a clear corretion pattern, which should be formed in 2-3 days.

Note

GBP is worth to look at.
now wave c is 38% of wave a
but wave b corrected only smth like 32% of a. (it should corrected at least 38 to be good)
maybe it nice sell point. with sl beyond local top.

Note

GBP corrected 61.8% of 2feb-7feb bear market and start falling.

LONG TERM SELL targets are: 1.17; 1.11; 1.01.

Note

gu still looks mostly unclear in s-term and m-term
possible scenario.
s-term buy targets: 1.2528; 1.2618

Note

1st s-term buy target is 95% reached (1.2528)
actual price was 1.2523

Trade active

looks like long-term SELL is actual.
wave 1 is corrected by ABC (as predicted - 1.2528 buy target)
wave 1 (blue) might be a part of a diagonal of greater dergee.
purple abc(lesser degree) was formed and broken.
watch it. long term targets are: 1.17; 1.11; 1.01

Trade active

possible sell opportunity
R/R ratio is 4.5

Note

gbp price action is far from being perfect.
if wave 2 is done, price should move to 1.238
if not, thehe is a possibility of upside move. (targets: 1.2528; 1.2618)
I'm not confident. it's too much unclear for me.
looks like consolidation is still in progress. be cautious.

Note

finally I see smth intersting in GBP!
looks like correction is formed.
inside wave C: wave 5 is 161.8% of of wave 1 (1.2570)
watch this breakout to SELL.
l-term targets are: 1.17; 1.11; 1.01.

Trade active

trendile was broken.
gbp might resume fall or make a correction pattern 1st and then move down sharp!
watch it! it's very interesting now!
LONG TERM SELL targets are: 1.17; 1.11; 1.01.

Note

wave (1) is formed
wave 5 = wave 1
wave (2) unfolds.
wait for correction.
I expect a good sell opportunity on next day.

Note

possible expanding triangle
watch breakout

Trade active

GBP has broken triangle.

Note

looks like resell point

Note

short term targets

Note

updated targets

Note

1,22417 (61.8% target) is reached.

Trade active

re-sell point

Note

looks like wave (3) or 1 (yellow) is formed and trendline is broken.
so gbpusd needs to be corrected.

Trade closed manually

2 feb - 3 mar bear/sideways market looks like ABC correction. (C)=(A)
I expect 2 waves up in m-term before l-term bear market unfolds.
m-term buy targets: 1.31 and 1.38.
s-term buy targets: 1.2656, 1.2928 and 1.3369
GBP long term sell opportunity will occur in future (maybe in late May).

OleksandrSnitko

Related publications

GBPUSD medium-term BUY and long-term SELL

by OleksandrSnitko

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