My longer term view hasn't changed since March. I favor a move towards at least 1.46 and likely higher. Although we see some complex patterns unfolding, GBPUSD is starting to look good for the next impulse higher towards my long term target.
I will therefore be looking for bullish confirmations by means of an impulse higher on lower time frames which we might have seen at the end of last week. If we see a consolidation of lesser degree and bullish continuation I'm a buyer towards 1.46 and 1.47.
I'm long GBPUSD and moved my stop to break even. I like to see GBPUSD settle within or above the dotted zone. That's why I placed my stop at break even in case it reverses and continues its move lower from here. I rather re-enter then loose on this trade. Nevertheless I was looking for the buy, now we have to see whether there will be a follow up. I will be looking for opportunities to add.
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If you are not in the trade watch for consolidations and buy the continuation
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GBPUSD made the move we were looking for 17 days ago. Risk Reward 5/1 with later calls to add to our original long. I think GBPUSD will continue towards 1.47 so lets see whether we will see a consolidation from the projected target area so we can buy the continuation again.
Comments
glaazie
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A leg higher in the form of wave 4 ?
TimStuyts
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I have to determine whether it will be a wave 4 count or another corrective leg but yes a wave Y higher to complete this correction on the daily time frame.
glaazie
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ok thanks im gonna look at the bigger picture to see what you are looking for ;)
glaazie
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to me it looks more like a sell setup now i see an A wave and a b wave and a c in development
i could be wrong just wanted to share my view
TimStuyts
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The higher time frames (daily and higher) make me favor another leg higher. However this is my preferred scenario for trading GBPUSD and need to see confirmations first.