GBPUSD, slightly higher then down again

FX:GBPUSD   British Pound / U.S. Dollar
605 6 18
For my previous post and context about the GBPUSD             see link below:

I consider the current price action to be a consolidation of the last bearish impulse. This correction unfolds in the shape of a Flat correction and I therefore don't expect wave C to retrace a lot more than then the length of wave A. This is not written in stone and only a guideline but something to keep in mind when trading this pair.

I like the confluence between -1.272 Fib as well as the recent lows in the 1.315 zone. Wave C should have 5 inner waves and selling out of this 1.315 zone from lower time frames after divergence is what I'll be looking for.

updates will follow


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Comment: We saw GBPUSD moving higher and now we are in a crucial area for short term price action. If we see a reversal now I will be looking for a sell. I will be looking for divergence signs on lower time frames. I'm however not a buyer here or before for that matter because the first wave higher counted as wave A in blue is not an impulse. This doesn't mean that price can't go higher but it lowers the probability and I like to trade only what's best. I rather enjoy my day than chase a trade. Add to that 1.35. If we move higher price will test that level. So if we see a minor impulse from this area I will wait for a minor consolidation and trade the last part of the bullish move with a smaller stop loss and therefore still trade with a minimum risk/reward of 3/1.
Updates will follow.
Comment: This is what I like to see for GBPUSD or I let it the potential buy go. The levels are indicative but I really like to see at least a retest of 1.312 before a move towards 1.35 due to market dynamic which is even more important for the Pound pairs as a result of the Brexit referendum.
Comment: So far so good guy's. We are seeing a bearish impulse in progress at the moment. Let's see whether it settles so we can sell the continuation. Read my original post for context.
Have a nice weekend everyone!
Really good analysis imo. Appreciated.
Thank you Tom! You are good. I'm looking at head shoulders bottom 1.28-1.35-1.42 if this happens I think DXY should have dropped and EURUSD should have raised.
That 300 pip indecision might be your ruin. Any chance you can keep us updated as it gets closer to either level so we know what to look for?
TimStuyts TomPower
Hey Tom I certainly will try to update as soon as possible. However I'm not fully active yet because I'm moving at the moment. However we either see that leg lower as described followed by a significant retrace or (my alternative scenario) we will see an impulse higher from here to test 1.35. If that bullish scenario happens I'll simply wait for the consolidation out of 1.35.
+1 Reply
TomPower TimStuyts
1.35 here we come. And by the way all your other trades are working like a well-tuned machine. Can't imagine what it would be like if you had your mind totally committed here.
TimStuyts TomPower
I just had another look at GBPUSD, This is my plan short term (scenario so don't get biased on levels). I like to see a consolidation towards 1.3070-1.3120 then continuation towards 1.35. So let's see whether the market gives us the chance to join the bullish move. But key is that I need to see a consolidation before I buy towards 1.35.
+1 Reply
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