JohnCameron93
Long

GBP/USD Wave IV Correction

FX:GBPUSD   British Pound/U.S. Dollar
254 0 5
The Wave IV Correction of Wave III             rally (5th June - 18th June) looks to be near completion.

- Wave IV is currently finding support on the Wave B High from 21st May at 1.57 Level.
- Wave IV has retraced almost 38.2% of Wave III            
- Bullish Divergence on the RSI (14) and MACD indicators
- Wave III             duration = 10 days therefore Wave 4 duration 38.2% of 10 days = 3.5 - 4 days (ending 24th June)

I have placed a tight stop in case my entry is premature under the recent lows.

Wave V target is the price range of Wave I (0.02761 pips) Around 1.5950 - 1.6000 level
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