AbhishekHSinghCMT
Short

GBPUSD- Change of Structure(Possible Ending Diagonal in C-wave)

FX:GBPUSD   British Pound/U.S. Dollar
107 0 11
7 months ago
Poke above 1.4515- “a” leg high is more than enough for us to change or negate triangle structure but outlook still remains bearish .
Earlier we took whole structure as triangle & we were looking out for d-leg downside & one more push from rising trendline starting of b-leg…where d-leg could have taken support & pushed up again as e-leg to complete triangle & finally down move.
Trading Strategy:
Now, it seems that if GBPUSD             breaks 1.4365 & later 1.42979 can continue till b-wave@1.4005 which will act as strong support.
So, It can form an X-wave if it stops@1.4005 above & move higher to same range 1.4500—1.4515 or if it breaks 1.4005…It can be start of an impulsive down leg which can go deep down & first test 1.38675 low as well giving us best risk reward in coming days.
Regards,
Abhishek H.Singh,CMT
7 months ago
Comment: There is small buying opportunity as well for targets 1.4684 which i will update in next chart & selling for sure if GBPUSD goes below 1.4300 mark.....Regards
7 months ago
Comment: Distance between 1.3836 to 1.4515 = 0.0679....If you add to 1.4005 ...which is b-wave bottom we get 1.4005 + 0.0679 = 1.4684 as the buying target from current levels of 1.4571.....Then we will achieve equality target & we will check for downtrend...break of 1.4300 shall give us that clue. Regards
7 months ago
Comment: Also if you are taking buy call for target 1.4684 from current levels of 1.4570----be careful as prices should not fall below 1.4515 which was a-wave high or kindly put that stoploss for buying@1.4565--1.4570 for target -1.4684....Later once pair takes out 1.4300--we shall sell. Regards.
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
+919833996865 | LinkedIn
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