OwlswiftFX

GU Oct 4th - 9th analysis

Short
FX:GBPUSD   British Pound / U.S. Dollar
There is a lot of noise on the smaller TF, so I decided to do my analysis this time on a daily TF.

Looking at point AB, it took GU 3days to complete the movement from AB, BC took 5days, CD already peaked on the 6th candle/day and the 7th candle, which was Friday, Oct. 2nd fell short of the 6th candle high forming the exhaustion wicks highlighted on the chart, so I expect that DE will be a 3 - 5days bearish candle to the target marked on the chart.

So I will advise shorting GU come Monday at a range between 1.2928 - 1.2990 which is the SL with TP at the target shown on the chart. Although it would be choppy because the pair is in a correction mode, it would definitely get there
Comment: Feel free to leave your feedback. Thanks
Comment: GBP really surprised me still push upward today but its showing signs of weakness in its rally upward. I will suggest moving stop loss to the fib level 50% region shown on the chart.

Comments

Seems like a reasoned setup, thanks for sharing.
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OwlswiftFX VincePrince
@VincePrince, Thanks for the feedback
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