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GBPUSD ELLIOT CORRECTION WAVES

Long
British Pound / U.S. Dollar (FX:GBPUSD)  
velmunis Updated   
FX:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Chart Patterns GBPUSD gbpusdlong gbpusdsignal gbpusdtrade gbpusdanalysis gbpusdidea gbpusdsetup
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trendanalysis chartpattern gbpusd gbpusdlong gbpusdsignal gbpusdtrade gbpusdanalysis gbpusdidea gbpusdsetup
GBPUSD
Is forming a Elliot correction wave of A. And its already completed the Fifth wave
And its running in a rising channel which is clear sign of bullish trend

Due to the corona virus spread in USA the USD is so weak in these days.This might continue in coming days

Even though the USA government announced the stimulus package to help the Economy Its failed to support the USD against major pairs such us EUR,GBP,CHF,JPY,CAD

We can open long position at the completion of minor wave A at 1.23250 which is also a 50% Fibonacci level

Primary target would be 1.25300 which might be a place where the minor wave B expected to close. Which is also a 61.8% Fibonacci zone

Stop lose may placed below the 1.22500 level

Recently 100 EMA and 200 EMA is formed a golden cross in GBPUSD which will further confirming the bullish trend

We can expect another Elliot impulse wave correction after this minor wave formations

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Trade active:
Primary target was acheived with +95 pips

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