GBPUSD might have terminated Wave 4 around 1.2247 levels and is progressing in Wave 5 higher towards 1.2900, 1.3200 and 1.3500 respectively. Alternately, Wave 4 is unfolding as a triangle and might drop lower towards 1.2300/30 before turning higher again. Either way, GBPUSD bulls are in control and should be targeting above 1.2900 levels. Strong resistance is seen through 1.3200 levels, while interim support comes in at 1.2100 handle. A break above 1.3200 and 1.3500 levels would confirm a long term trend reversal. Structurally, GBPUSD continues to remain bullish until 1.1414 holds well.
Strategy:
Long against 1.1414, targeting above 1.3200 and 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 and 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.