GBPUSD continues to steadily progress higher and is expected to terminate Wave 5 above the 1.2900 handle. This would complete the first impulse rally since GBPUSD print multi-year low at 1.1414, on March 19, 2020. At the moment, a lower degree wave iii might be unfolding within the 5th wave. Alternately, Wave 4 might unfold as an expanded flat and re-test 1.2150 levels before resuming rally. Either way, prices are expected to stay above 1.1933, for the impulse structure to remain valid. A print above 1.2840/1.2900 would complete 5 waves from 1.1414.
Strategy:
Remain long against 1.1414, targeting 1.2900 in the short term.
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:
Remain long against 1.1414, targeting 1.2900 in the short term.
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.