(Favorite) We might be in orange wave ((c)) of pink Y of green (B). Therefore, I'm looking for price to make a new low beneath 1.2662 around the 1.2630 - 1.2500 zone before rallying up for wave (C). In this case we would be in an Expanded Flat, where wave B should ideally turn before the 138.2% Retracement wich is @ 1.1420.
(Alternative) The alternate count suggests we are in a Triangle pattern and price will go up for a wave D then lower for wave E before going up again for wave (C). This count gets negate if price move below 1.2696 (wave A)
In both cases, we expect higher prices. The question is will this rally to the upside come now or from some lower levels ?
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GBP just fell hard since May called off MP's vote on her deal tomorrow without giving any infos about the next debate date. So, Brexit is postponed until ... no idea when...
I will to post my ideas here for easier access t.me/em16public
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Price started to go higher, if we can count 5 waves to the upside, it's a big sign that price will go higher.
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A vote of no confidence by Tory MPs against Theresa May will be held in one hour.
If at least 159 (out of 316) Conservative MPs speak out against the Prime Minister, she will be overthrown.
* A departure of Theresa May would have unpredictable consequences on the Brexit process and therefore drive cable lower by a lot....
* However, it appears, according to calculations of several British media, that the Prime Minister would win the vote in wich case GBP will find some short term strength.
** The result of this vote will set the tone for the coming days
@AlexKuptsikevich, it's okay if you remain short but I think 1.20 it's a bit to big of a target... You might consider taking some profits along the way and moving your stop on every opportunity.
lehlogonolo
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your idea makes more reasonable sense to me, here mine https://takehttps://www.tradingview.com/chart/GBPUSD/2xLSJZD1-Hope-you-Ready-For-This-One-GBPUSD/