GBPUSD, daily timeframe, bearish ABCD pattern
Hello guys,
We have seen GBPUSD rally for 900 pips since the beginning of July. Exactly on the last day of July, a potenial shooting star candle occured. This could be a sign that GBPUSD rally is exhausted and some retracement could occur to this pair.
There is also a possibiliy a bearish ABCD pattern in play.
Sell position looks more promising if we look on the last candle close followed by the fibonacci level which it occured. Since it stopped at 161,8 fiboncci level we could treat this as 3rd wave of Elliott Wave as well. After 3rd wave is finished, there will be a corrective wave which is wave 4.
Sell GBPUSD 1.3120-30
Stop loss 1.3220
Take profit 1@ 1.3020
Take profit 2 @1.2920
Take profit 3 @1.2820
Good Luck
We have seen GBPUSD rally for 900 pips since the beginning of July. Exactly on the last day of July, a potenial shooting star candle occured. This could be a sign that GBPUSD rally is exhausted and some retracement could occur to this pair.
There is also a possibiliy a bearish ABCD pattern in play.
Sell position looks more promising if we look on the last candle close followed by the fibonacci level which it occured. Since it stopped at 161,8 fiboncci level we could treat this as 3rd wave of Elliott Wave as well. After 3rd wave is finished, there will be a corrective wave which is wave 4.
Sell GBPUSD 1.3120-30
Stop loss 1.3220
Take profit 1@ 1.3020
Take profit 2 @1.2920
Take profit 3 @1.2820
Good Luck