I have been bearish on GBPUSD since prices broke below the psychological $1.30 barrier.
The current minute structure suggests that corrective wave b is underway since minuette wave (v) ended. b minute could be either an a,b,c or a w,x,y, however likely to pullback down to 1.2121/2171 Fibonacci zone.
The upside potential could be limited to 1.2644, which is the 161.8% Fibonacci expansion of the 1.1960-1.2383 corrective minute wave a. Unless if the base low was the end of minor wave 5 and now GBPUSD reverses. that would turn the potential a,b,c into an 5-wave move.
Should bears take over once again minor 5 will be underway!
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
The current minute structure suggests that corrective wave b is underway since minuette wave (v) ended. b minute could be either an a,b,c or a w,x,y, however likely to pullback down to 1.2121/2171 Fibonacci zone.
The upside potential could be limited to 1.2644, which is the 161.8% Fibonacci expansion of the 1.1960-1.2383 corrective minute wave a. Unless if the base low was the end of minor wave 5 and now GBPUSD reverses. that would turn the potential a,b,c into an 5-wave move.
Should bears take over once again minor 5 will be underway!
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
Note
Extention missed but since 'call' we saw 300 pips moveNote
1.2383 will provide further clues
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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.