Here is my continuation analysis of GBPUSD. Last week GBPUSD was unable to maintain moving inside the 4H channel uptrend. After breaking below that uptrend channel I recalculated again the waves count. I found that GBPUSD last week completed the ending diagonal channel. With that said, I believe GBPUSD still has pressure to go to the downside for doing some retracement before going to the upside again. Last Friday as we can see, GBPUSD retested that ending diagonal and then formed a shooting star candle, which indicates that GBPUSD will continue to the downside before going to the upside again. My projection area for potential reversal area around 1.4010-30 area and also 1.3970-1.3980.
Disclaimer: This is my personal trading setup !! Please use this only for comparison with your own analysis.
Share your thoughts or ideas in the comment section below and give support by giving like thumbs and sharing with your friends.
Cheers.
Disclaimer: This is my personal trading setup !! Please use this only for comparison with your own analysis.
Share your thoughts or ideas in the comment section below and give support by giving like thumbs and sharing with your friends.
Cheers.
