By using Elliott wave's theory i believe we are currently in a downtrend in the major timeframe. However for the minor timeframe we are going to be seeing a pretty long retracement up for GBPUSD. Also If u note from my mapping we can see that GBPUSD has completed a triangle / 5 wave move down. Therefore i believe now we may retrace up to 76. 4% of the previous move down..
I have crosschecked with the DXY Chart for confirmation as well. We may see USD as a whole weaker for a few weeks before continuing the strong uptrend.
Please ensure to enter at a low risk Zone to avoid having a high SL in case market goes against plan.
I have crosschecked with the DXY Chart for confirmation as well. We may see USD as a whole weaker for a few weeks before continuing the strong uptrend.
Please ensure to enter at a low risk Zone to avoid having a high SL in case market goes against plan.