GBPUSD had reversed from 1.2335 levels yesterday and also managed to take out interim resistance at 1.2450. High probability remains for a push towards 1.2900 and 1.3200 resistance ahead. Ideally, prices should stay above 1.2335 from here on and bulls must be poised to take out resistance at 1.3200. A long term bullish reversal would be confirmed thereafter. The wave counts are also clear since 1.1414 lows: GBPUSD seems to be unfolding Wave 5 since 1.2100 handle, and should be heading towards 1.2900 at least. Alternately, a break below 1.2335 would indicate further drop towards 1.2100 lows. Overall, GBPUSD structure remains intact until 1.2335 holds well. Look forward for higher highs towards 1.2900.
Strategy:
Long against 1.1414, targeting 1.2900, 1.3200 and higher. One can move stop to 1.2300.
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 1.2900, 1.3200 and higher. One can move stop to 1.2300.
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.