GBPUSD Remain Poised To Target 1.3200/1.3500.
GBPUSD might have carved a meaningful low at 1.1414 on March 19, 2020. The wave structure since then indicated a potential impulse rally in progress, and probably into Wave 5 at this point in writing. Wave 4 might have terminated at 1.2163 levels early this week and Wave 5 seems to be underway, targeting 1.2900 levels at least. Immediate price resistance is seen at 1.3200 and it is quite possible that the last leg is extended. Ideally, GBPUSD should remain above 1.1414 levels to keep the above bullish structure intact. A push through 1.3200/1,3500 will also confirm a trend reversal for the long term.
Strategy:
Long against 1.1414, targeting above 1.3200 in near term.
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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:
Long against 1.1414, targeting above 1.3200 in near term.
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.