GBPUSD Analysis on December 2016: Two scenario but both are look

FX:GBPUSD   British Pound / U.S. Dollar
Talking Points:

GBPUSD Technical Strategy: Short term bullish view
Elliottwave Count: Either wave 3 or alternate wave C is due.

GBPUSD             (Great British Pound vs US Dollar             ) is looking one more high towards 1.2868 horizontal weekly resistance. Also on smaller timeframe, pound is suggesting one more high in bullish count. This count can be either wave 3 or on alternate this can be wave C. As we have first leg up was five wave impulse, we are expecting zigzag correction at-least towards 1.2868. We will mark that move as reversal or correction on that resistance only. But looking for trading opportunity. Comparing our previous analysis, we adjusted our count and was expected flat correction and now we are on new impulse upward trend. At this juncture, we can have one of the possible scenario is playing out from below one:

Scenario 1: Either we are on reversal and we can expect new high above 1.2600 from current level. This is marked as a green line and can be counted as impulse wave 3. This is highly likely scenario which we are expecting.

Scenario 2: On alternate scenario, we are expecting another flat correction in wave 2, and current price level will be a part of wave X, this scenario need to be taken in consideration because, move 1.2428 is not looking so impulsive and same time we have monthly pivot on 1.2408 which possibly retest on month start.

We are long two position in this pair from 1.2475 and 1.2401 and stoploss lower down.

-- By Hoagtrading.com (@Hoagtrading)
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out