GBPUSD: Top-down In-depth Analysis. Bull Cypher Coming Soon!

FX:GBPUSD   British Pound / U.S. Dollar
There is a bull Cypher that will soon complete and should trigger a move up to complete the wave 5 of the large rising wedge consolidation wave that this pair is currently in.

GBPUSD             has been in a very long sideways consolidation for 6+ years! By my wave count, this flat consolidation wave is unfolding in a complex double zig-zag ABC-X-ABC pattern. We are now in the last C leg UP. When this C leg completes, it could lead to a major reversal and signal the start of another impulse wave.

Zooming in to a weekly view, it is clear that a 5-wave             impulse wave preceded the rising wedge corrective wave we are currently in. The rising wedge is unfolding in a characteristic 5-wave             pattern. This 5-wave             pattern is also a Wolfe wave .

Zooming in on the tail end of this rising wedge and focusing on it's 5th wave, my wave count clearly shows that we are currently in wave (4) of the 5 wave wedge consolidation and waiting for the wave (5) up to begin. Which I think will begin this week.

As can be seen on the chart above, a bullish cypher pattern led to a nice uptrend and marked the beginning of the wave (5) of the 5 wave rising wedge . Currently, there is another bullish cypher developing and should soon complete. This bull cypher could also mark the beginning of the wave (5) of 5. which should reach to the top of the rising wedge pattern and could extend through the top descending trend line for a false break before a reversal down.

LONG upon the completion of the bullish cypher for a move up to the top of the rising wedge to complete wave (5) of 5. If you only want to trade the cypher , then take the targets 1 and 2. But according to my analysis, may be wise to hold the long positions for the larger move up.

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