GBPUSD might be ready to push higher through 1.3200 resistance
GBPUSD had dropped to 1.2282 levels yesterday before finding support again. Bulls managed to gain control back just ahead of 1.2266 lows as they now remain poised to break above the trading range. Structure looks constructive for bulls since 1.1414 lows on March 19, 2020 as Waves 1, 2, 3 and 4 within an impulse look to be complete as labelled here. Wave 4 might have unfolded as a triangle and terminated around 1.2266 earlier. If the above counts are correct, GBPUSD should be underway towards 1.3200 levels as Wave 5 unfolds. At a larger degree, GBPUSD might have formed a multi-year low at 1.1414 and is underway to complete its first impulse wave towards 1.3200 handle. A break above 1.3200 and subsequently 1.3500 would confirm a long term trend reversal.
Strategy:
Long against 1.1414, targeting above 1.3200 and 1.3500
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:
Long against 1.1414, targeting above 1.3200 and 1.3500
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.