Pounddollar
GBPUSD | Rising Wedge,Expecting 1000 PIPs Bearish Wave..!!#GBPUSD (update)
Rising Wedge formation in 1D timeframe (Bearish Pattern)
From Last 26 Days, It's Been Consolidation Between S/R,
At the Moment, Bulls Looking Weak, If Bulls lost the Support (1.300), Expecting 1000 PIPs Bearish Wave in September.
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GBPUSD, pounds best selling regionas seen on the chart, wave 5 was preceded with a triangle corrective pattern serving as wave 4.
An ideally, after the completion of an impulse the corrective structure began rapidly on the opposite direction of the trend,
Now we are selling wave 3 of the C leg of zig zag correction
GBPUSD, an elliot wave appproachElliot wave is one of the best technical strategies if it principles, are well applied.
On the GBPUSD chart, we can see that the fall on gbpusd was a retracement of wave 4 , the corrective pattern for this reteracement may not be accurately predicted until it completes, so we expect to go long after the completion of the minimum of a zigzag corrective pattern.
Mid-term outlook / idea for GBPUSD 🔌Today I'd like to share my GBPUSD trade idea with you.
We're seeing Dollar weakness as at end of July. I expect GBPUSD to continue it's rally to in and around the 1.30000 psychological level. I also expect price to react quite strongly at this level, to push to the downside.
Potential downside targets can be in and around the 1.24500 level (550 Pips). Some confluent factors to this target are the channel and potential liquidity lying under the bars / wicks formed early in July.
After the retracement to 1.24500 I'll look to go long targeting the pre-covid level of 1.32000 for a potential 750 Pip rally.
something I'll be looking at for confluences - stronger DXY in upcoming weeks, as well as a rise in the yield of 10-year Treasury Notes. So lower prices!
But all of this is just speculation - happy trading.
GU RecoveryGU might actually be going long...it seems to have created a corrective structure that is "not so corrective" really....it seems it has trapped sellers! (since everybody is going short on the pair) i'm seeing it respecting the 61.8 fib level as well...and might go back to last year highs//
Also keeping in mind how well the pound has been performing over the greenback! GBP is recovering well with the virus situation also...its going to be an interesting pair!
Enjoy...feel free to comment!