The GBPUSD still looks corrective to me on daily time frame, until we see a break below the low of March 2015.
For now I count this daily move lower as a wave B which will mean that this correction is most likely unfolding in the shape of a 'Flat' correction. We see a daily BAT buy pattern activated. However price moved lower very impulsively and broke below the wedge structure (magenta). So if you didn't enter agressively by means of a BAT buy signal you might want to wait and see whether price consolidates first.
First I like to see a break back into the wedge followed by a break out of the upper magenta trend line.
The most conservative entry will be to wait for a 5 wave impulse higher, wait for the three wave correction and then buy.
This will also result in a smaller stop loss and higher R/R.
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For now I count this daily move lower as a wave B which will mean that this correction is most likely unfolding in the shape of a 'Flat' correction. We see a daily BAT buy pattern activated. However price moved lower very impulsively and broke below the wedge structure (magenta). So if you didn't enter agressively by means of a BAT buy signal you might want to wait and see whether price consolidates first.
First I like to see a break back into the wedge followed by a break out of the upper magenta trend line.
The most conservative entry will be to wait for a 5 wave impulse higher, wait for the three wave correction and then buy.
This will also result in a smaller stop loss and higher R/R.
www.timstuyts.com
facebook.com/wwwtimstuytscom/
