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
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:
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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.
