Hello traders,
GBPUSD is trading in a three-wave A-B-C move, up from 1.1409 level, where the latest recovery from 1.248 level can belong to a leg C of X). Leg C is an impulse, therefore a clear price structure may be seen, targeting the 1.32/1.33 level in days ahead.
GBPUSD, daily
On the 4h chart of GBPUSD, we have a better view of the structure taking place within a higher degree wave C, up from 1.248 level. We are observing a five-wave recovery, where the price is currently ending a sub-wave 5) of three at 1.295/1.3 level, where Fib. The ratio of 261.8 and the upper channel line can provide resistance. That said, once price starts to breach below the lower channel line, that is when a pullback as wave 4 may start forming and look for support at 1.283/1.276 level.
GBPUSD, 4h
https://www.forexcrunch.com/gb...
Disclaimer: The views expressed are solely those of the author and do not represent the official position of Followme. Followme does not take responsibility for the accuracy, completeness, or reliability of the information provided and is not liable for any actions taken based on the content, unless explicitly stated in writing.
Leave Your Message Now