GBPUSD rallies past 1.2300 handle as we write this article and seems to have carved a higher low around 1.2160. We have been waiting for this rally to resume towards 1.2900 levels at least. High probability remains for a push towards 1.3200, which is a meaningful resistance, followed by 1.3500; the lower degree wave iv (not seen here). A break above 1.3500 handle could prove to be of great significance in confirming a long term trend reversal. GBPUSD seems to have carved a meaningful low at 1.1414 earlier and has managed to produce Waves 1, 2, 3 and 4 respectively as labelled on the chart. Wave 4 had terminated around 1.2080 levels, the fibonacci 0.382 retracement of Wave 3. Since then, Wave 5 has been underway and the minimum projection is towards 1.2850/1.2900. Overall, GBPUSD remains bullish against 1.1414 lows.
Strategy:
Long against 1,1414, targeting above 1.3200 and 1.3500.
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:
Long against 1,1414, targeting above 1.3200 and 1.3500.
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.