captain_smollett
Short

GBPUSD. Bearish Wolfe-waves pattern

FX:GBPUSD   British Pound / U.S. Dollar
96 2 8
Looks like a Wolfe waves pattern is about to complete on this pair. It coincides with a Wave 4 on my wave counter and therefore I see it as a strong signal to sell.

W4 should end somewhere near 1.45 level, if does, I´ll open a short from local 1.45* maximum.
SL is tight: 1.46. Going above 1.455 will invalidate the whole Wave counting I´ve done and therefore will require additional analysis.

TP1: 1.4150 (strong resistance level for a pair)
TP2: 1.3400 ( Wolfe pattern EPA level)
TP3: 1.3000 (End of W5)
Comment: Revised Entry Point after checking with Fibo: 1.46300
SL: 1.48000
Order cancelled: Brexit was predictable...

My 5-wave counter for the pair
Reply
captain_smollett captain_smollett
Notice a bullish divergence on a weekly chart!

Basically, the pair has had very bullish indicators since the beginning of the year but the whole Brexit story dropped the quote to the lowest levels in history and, if you check monthly techicals, there is a clear option for parity between GBP and USD. Nice lesson from the british on how to devaluate your currency in times of currency wars without even touching the interest rates.

From now moving on, it is exactly 2 month till the Referendum. UK is walking on the edge, the volatility in this pair will be huge as it has reacted incredibly well to the verbal interventions so far! Stop Losses are mandatory to avoid any disgusting moment!

Good luck and trade safe!
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