GBPUSD has rallied through 1.2530 levels today as potential corrective Wave B, within the A-B-C structure. Minimum expectations were towards the fibonacci 0.50 retracement around 1.2533, which has been met. Ideally, GBPUSD should reverse lower from here, until below 1.2800 resistance. Please note GBPUSD has been in a corrective phase since touching hitting the 1.2800 handle earlier. It is on its way towards a zigzag corrective drop labelled as A-B-C on the chart here. At least for the short term, we are turning short against 1.2800 handle.
Strategy:
Short against 1.2800, targeting 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 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.