GBP/USD has reached a critical point, lying on the support lines of a weekly uptrend, and also a monthly S/R line going back from the end of last December.
It looks like the trend still has one more wave to go as it sets up for wave number 5, which could reach potentially to double the distance of the fourth wave.
Going by the general market structure of support levels, and two leading indicators, it looks like wave four has come to an end.
The best entry price to go long was already hit at 1.543, but you could still potentially go long somewhere in the current price range, or wait out to go long on the first target hit.
The four target prices to take profit are three previous resistance lines, and the extension of the last Elliot-Wave scaled to fib ratio.
Manage your positions carefully and happy trading.
It looks like the trend still has one more wave to go as it sets up for wave number 5, which could reach potentially to double the distance of the fourth wave.
Going by the general market structure of support levels, and two leading indicators, it looks like wave four has come to an end.
The best entry price to go long was already hit at 1.543, but you could still potentially go long somewhere in the current price range, or wait out to go long on the first target hit.
The four target prices to take profit are three previous resistance lines, and the extension of the last Elliot-Wave scaled to fib ratio.
Manage your positions carefully and happy trading.