Buy Setup Targets 1.50 - Strong Bounce from Support

FX:GBPUSD   British Pound / U.S. Dollar
333 6 9
GBPUSD             has shown a nice bounce from support at 1.4351

In that area we have, major support indicated by the chart, the 50% Fib, as well as a rising trendline on 4H.

On 1H we already have a bullish engulfing candle.

The longer term outlook here is for a bearish USD. My previous charts provide the full explanation from a fundamental perspective, please click on the link to related ideas if you have not read the fundamentals yet.
Comment: I'm near ready to cancel this trade. There is potential for upside, however at the moment it is lacking any kind of momentum at these levels, showing a lack of urgency to get on the long side.
Trade active
Back in the GBPUSD Long after getting stopped out at BE - here's is the updated count and chart
Update - it looks like we have already completed wave A to 4483 and pulled back to wave B at 4378 which now marks the key level for bullish invalidation. It looks like within wave C we have completed wave (a) at 1.4515 and then pulled back in wave (b). Will be looking for a breach of 1.4515 today to confirm wave C is on it's way. Once that occurs, will be targeting a breach of 4668 to confirm wave (C), the wave of a larger degree is in progress.
JigneshDavda JigneshDavda
We have completed Wave C. The general expectation is a pull back here, and then another ABC higher. However the momentum down is strong, for that reason I've moved my stops to BE (about 10 pips from getting stopped out) and will look to re enter when the 1H shows signs that this down move is finished.
Are you expect it to go that high? Im currently just hoping for the turn to bullish!
JigneshDavda DamonDavies
From a longer term perspective, yes. GBPUSD is at major multi decade support on the monthly charts. As well, my view is that the move seen last week in the USD was just the start of a new bearish trend in the USD. This seems like a probable turning point. If the level does not hold, i will continue to try and buy.
DamonDavies JigneshDavda
Thanks, appreciate your time taken on the chart! Im already long at 1.45 so hoping for that switch! :)
+1 Reply
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