GBPUSD prints potential Wave B, around 60 pips higher than fibonacci 0.618 retracement of Wave A. The recent rally can have no more attributes than this. Structurally, GBPUSD has dropped from 1.2800 through 1.2250 in 5 waves, labelled as Wave A. It confirms 2 important facts: The drop is only a part of the correction Wave A here. Another drop below 1.2250 is required to complete the zigzag. If the above potential wave interpretation holds well, GBPUSD should stay below 1.2800 mark and continue lower towards 1.1900 to complete the proposed A-B-C corrective drop.
Strategy:
Short against 1.2800, targeting towards 1.1900
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:
Short against 1.2800, targeting towards 1.1900
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.