GBPUSD might have carved intermediary lows around 1.2675 or could be close to carving. A push above 1.2800 would confirm that GBPUSD potential low is in place and the currency is unfolding its counter trend rally towards 1.3150/1.3250 respectively. The earlier drop between 1.3488 and 1.2675 (potential Wave A) could be retraced towards the fibonacci 0.618 levels around 1.3150/1.3200. Thereafter, Wave C could be underway towards 1.2200 levels.
Remain short, stop @ 1.3500, target is open.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Remain short, stop @ 1.3500, target is open.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.