GBPUSD has remained broadly in control of bulls since 1.1414 lows on March 19, 2020. It remains close to completing the first impulse wave of one larger degree, that begun from 1.1414 levels. At we write this article, GBPUSD trades around 1.2470 levels, after finding interim support at 1.2400 earlier. Also note that Waves 1, 2, and 3 seem to be already on place as marked on the chart here. Wave 4 has been underway since several trading sessions after printing 1.2485 highs. It has either terminated at 1.2247 as an expanded flat, or would terminate close to 1.2380/1.2400 levels as a triangle. Either way, a break above 1.2650 would confirm Wave 5 is underway towards 1.3200 handle at least. Structurally, GBPUSD remains a buy on dips until prices stay above the 1.1414 mark.
Strategy:
Long against 1.1414, targeting above 1.3200/1.3500
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 above 1.3200/1.3500
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.