GBPUSD looking poised to correct deeper towards 1.1950
GBPUSD might have completed its impulse rally that began from 1.1414 around 1.2813, Wave (1) on the chart. The single currency has also unfolded a potential Wave A within the corrective drop A-B-C towards 1.1900/1.2000 handle. If the above counts are correct, GBPUSD should produce a counter trend rally towards 1.2500/1.2600 handle to terminate Wave B before reversing lower to produce Wave C around 1.1900/1,2000. Also note that 1.1950 is extremely close to the fibonacci 0.618 retracement of the entire rally between 1.1414 and 1.2813 levels respectively. Overall, GBPUSD set to drop towards 1.1900/1.2000 handle from here to terminate Wave (2).
Strategy:
Short on rallies towards 1.2500/1.2600, against 1.2800, targeting 1.1950
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Strategy:
Short on rallies towards 1.2500/1.2600, against 1.2800, targeting 1.1950
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.