Is wave 5 of GBPUSD completed or do we get the last move up?
Hi traders,
GBPUSD is still in an bullish trend. However the retracements are getting bigger and the waves are forming a wedge pattern. We think it's making an ending diagonal for wave 5. the internal legs of an ending diagonal are 3-3-3-3-3.
As we can see the last leg already made a correction so it's now making the last move up to complete the pattern. Expect another move up to the 1.38 price area (upper trendline) and after that we will look for sells.
At the moment it made an engulfing candle so after a small lower time frame correction you can look for a short term buy.
But watch out because this pair is at a supply level and it could be that wave 5 is already completed so GBPUSD is now heading lower.
Always wait for a confirmation before you buy or sell.
If you want to learn more about trading with supply and demand and wave analysis, please make sure to follow us, give a like and comment.
This shared post is only our point of view on what could be the next move in this pair based on our analysis. We do not provide signals.
Don't be emotional, just trade!
Eduwave Trading
GBPUSD is still in an bullish trend. However the retracements are getting bigger and the waves are forming a wedge pattern. We think it's making an ending diagonal for wave 5. the internal legs of an ending diagonal are 3-3-3-3-3.
As we can see the last leg already made a correction so it's now making the last move up to complete the pattern. Expect another move up to the 1.38 price area (upper trendline) and after that we will look for sells.
At the moment it made an engulfing candle so after a small lower time frame correction you can look for a short term buy.
But watch out because this pair is at a supply level and it could be that wave 5 is already completed so GBPUSD is now heading lower.
Always wait for a confirmation before you buy or sell.
If you want to learn more about trading with supply and demand and wave analysis, please make sure to follow us, give a like and comment.
This shared post is only our point of view on what could be the next move in this pair based on our analysis. We do not provide signals.
Don't be emotional, just trade!
Eduwave Trading