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Traders,
This is not a signal to trade.
Still, I dont want to short GBPUSD even though it has a 100 pips sharp down yesterday.
Becoz this pair has a strong weekly support now. Left chart is showing 1.34 and 1.358 as weekly long trade targets. Assume this channel is this pair 's first ascending wave which must go through with 5 waves on the right 4h chart, you will find out 1.34 could be next target inside the channel. Just need to be patient.
Thanks for the analysis. I am confused though - your suggestion to be patient is because you are waiting for further confirmation on 4H that price is moving towards the 1.34 target? Still learning so any insights you share are a great help. Thanks!