merakshi

GBPUSD Impulsive wave and correction in the 2h chart

Long
FX:GBPUSD   British Pound / U.S. Dollar
hi all,

We see a clear impulsive price action to the upside out of the EDT (see reference chart / big picture).
However, the downward reaction is corrective. The depicted triangle is a good, first indication that we are in a correction.
Now price might go a bit more up to wave b and then fall impulsively below wave a.
I expect the price to stop at 38,2 % retracement (equals to wave 4 of previous Impulse).
If this last wave c is impulsive then this might be a good opp to go long.
However, bear in mind the price might retrace also lower.

Merakshi

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