FX:GBPUSD British Pound/U.S. Dollar
Evenin' Traders! GBPUSD is correcting inside of an expanding and has reached wave-(E). This trade takes advantage of a pullback after a impulse wave which could be viewed as either wave i or a. So, in order to ride the following, usually stronger impulse which follows, we can wait for the pullback which has just occurred. There could still be a deeper correction into wave-2, however the risk to reward ratio is high enough to justify the risk of taking the trade. Happy trading!
Trade active: Keep an eye out for the deeper retrace level if SL is hit and the invalidation level!
Trade closed: stop reached: Deeper retracement past invalidation level happened overnight. Here, we have a double zig-zag combination into a bat pattern. Interesting and a great opportunity to go long once we see a bullish impulse. Stay tuned!