Idea is based on Elliott wave theory. Stochastics are used to confirm the wave count. Rationale behind this setup is shown on the chart along with specific target. Good Luck
Hi- In your sideways correction I see that the wave-3 is the shortest- I always thought wave-3 can not be shortest among 1 and 5.
NQunlocked
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Hi Hamed only with impulses, this is a correction
HamedAghajani
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Hi Hamza- Have you been triggered on this one?
NQunlocked
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Hi Hamed, GBP has been proving the least reliable when it comes to my TA, across some pairs it is yielding a clear bullish bias whilst against the dollar the outlook is bearish. Long term USD will outperform both GBP and EUR I believe, so in the long term a bearish bias for GBP would make sense. If we break the 1.456 to the downside, I will be more confident of this pair's long term bias.
HamedAghajani
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you are absolutely right about the mixed message it is giving; currently am in a short trade on this one based on H4 time frame; tp 1.5 sharp; thanks for your reply
NQunlocked
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Good luck mate, you are welcome
moneymaking
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NIce analysis, but since it's the weekly chart, the risk is way to great for me. I have a much smaller account, that's why I trade only micro lots. I think we are likely to see GBP rise since the US dollar seems to be running out of steam. Let's see what happens. Thank you for sharing and Good Luck :)