GBPUSD Wave C pushing lower towards 1.1900/50 ?
GBPUSD had reversed from 1.2670, around 70 pips above the fibonacci 0.618 retracement of the drop between 1.2800 and 1.2250. The currency pair is seen to be trading around 1.2530 as we prepare to publish and might have carved a meaningful top around 1.2670. The wave counts from 1.2800 are indicating that GBPUSD might have carved Wave A and B around 1.2250 and 1.2670 respectively. If the above counts are correct, GBPUSD should ideally stay below 1.2670 levels and continue lower towards 1.1900/50 levels. Also note that 1.1900/50 is extremely close to the fibonacci 0.618 retracement of the entire rally between 1.1414 and 1.2800 respectively.
Strategy:
Short against 1.2800, targeting below 1.1900
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Strategy:
Short against 1.2800, targeting below 1.1900
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.