GBPUSD Wave 4 potential termination seen around 1.2100/1.2200
GBPUSD might be unfolding its Wave 4 as an expanded flat, and is expected to re-test the 1.2100/1.2200 zone before terminating. This was discussed as an alternate count earlier. The overall structure still remains constructive for bulls as Wave 5 is expected to resume from the above levels. Potential for Wave 5 rally remains above 1.2900 handle and it could also extend towards 1.3200, which is a meaningful resistance. Structurally, GBPUSD is still one wave away from completing its first impulse rally from 1.1414 lows.
Strategy:
Long against 1.1414, targeting 1.3200 and 1.3500
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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 1.3200 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.