GBPUSD starts correcting, looking for a lower price zone
Hello fellow traders,
After almost reached the previous peak at 1.2990, GBPUSD lost its further upward momentum and it is now heading south. In my technical point of view, it will be corrected now to a lower price level zone at around 1.27200 in a short term.
For a short term trading, it is good to put a sell stop at 1.2890 with a stop loss above the previous highs. Take profit zone for an end target as mentioned at 1.27200 seems to be very attractive.
For a middle term, GBPUSD at H4 TF is still in an upward momentum; its value areas is to see from 1.27200 to 1.28800, which are the most traded price zone to recognize, but the end target for the third wave in an impulsive mode at 1.3186x is still not being reached yet.
So take a short for a short term trading is probably a good choice for now.
Trade well!
After almost reached the previous peak at 1.2990, GBPUSD lost its further upward momentum and it is now heading south. In my technical point of view, it will be corrected now to a lower price level zone at around 1.27200 in a short term.
For a short term trading, it is good to put a sell stop at 1.2890 with a stop loss above the previous highs. Take profit zone for an end target as mentioned at 1.27200 seems to be very attractive.
For a middle term, GBPUSD at H4 TF is still in an upward momentum; its value areas is to see from 1.27200 to 1.28800, which are the most traded price zone to recognize, but the end target for the third wave in an impulsive mode at 1.3186x is still not being reached yet.
So take a short for a short term trading is probably a good choice for now.
Trade well!