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L_Brown

GBPUSD :: Short term rally before the drop?!

Long
British Pound / U.S. Dollar (FX:GBPUSD)  
L_Brown Updated   
FX:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Chart Patterns Wave Analysis
7
0
trendanalysis chartpattern waveanalysis
Really clear Elliott Wave Pattern formed on the 1 hour chart in Cable.

Wave 2 finished perfectly hit 76.4% retracement of Leg 1 and beautifully formed Doji candle!
Clearly waiting now for leg 4 retracement to 1.2140 area and will take the offer for move to 1.2220 - 1.2240 area.

Cable OBVIOUSLY in a longer term downtrend which I expect to continue so this idea is just looking to pick up 75 - 100 pips (barring any Brexit madness!)


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Comment:
The short-term rally clearly correct - but timing of the entry OR the stop could have been better...

Stay tuned for update in a new trade idea
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