Great Buy opportunity here, IF price action breaks out of the descending wedge. This confirms the initiation of a correction wave. Take profits and move stop loss up, leading to 61.8%. Confluence with diverging indicators, trade volume, patterns, key fib. levels, and E wave analysis. Wedge breakouts usually have volatile reversals and FOMC is coming up tomorrow. good luck may the force be with us!
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First target reached. The fib. levels are a bit different because of the hook after the breakout, so 38.2% has just been reached. Am going to wait for a pull back to take advantage of the next wave up, next week.
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LeonardoL
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Also, meant to say that NFP is next week. I haven't followed it closely since it is not directly related here, but it can be the root cause for the pound strengthening and affecting this pair.