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.
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@maxaus my target is the first greenbox area which is around 1.4015-1.4038 mate
maxaus
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@ArceeBlade, lucky i closed my trades at 1.4080.... Good luck.
ArceeBlade
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@maxaus my SL+ at 1.41000 also hit so im waiting the next moves right now
maxaus
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@ArceeBlade, that was hell of a close yesterday. Very lucky. I've opened new short positions at 1.4182 with TP 1.4080. Let's see what happens.
For now on 4HR chart I'm seeing lower highs and lower lows. We're in the downtrend channel. Join the dots 1 Jun 5AM and 11 Jun 5AM TV time.