GBPUSD is progressing in lower degree wave iii, within Wave 5 rally towards 1.3200 resistance. Looking into the wave counts since 1.1414, GBPUSD might have carved Waves 1, 2, 3 and 4 as labelled on chart here. Potential Wave 4 terminated around 1.2080, which is fibonacci 0.382 retracement of Wave 3. Since then, Wave 5 could be progressing and minimum expectations are towards 1.2900. It could also be an expanded wave unfolding, which pushes higher towards 1.3200 resistance. Ideally, GBPUSD should stay above 1.2080 lows to keep the above structure intact. A 5 wave rally past 1.2900 would also confirm that bulls are in complete control and are here to stay for long. Overall, GBPUSD remains bullish against 1.1414.
Strategy:
Long against 1.1414, targeting 1.2900, 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 1.2900, 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.