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 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 corrective wave we are currently in. The is unfolding in a characteristic 5-wave pattern. This 5-wave pattern is also a .
Zooming in on the tail end of this and focusing on it's 5th wave, my wave count clearly shows that we are currently in wave (4) of the 5 wave 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 pattern led to a nice uptrend and marked the beginning of the wave (5) of the 5 wave . Currently, there is another developing and should soon complete. This could also mark the beginning of the wave (5) of 5. which should reach to the top of the pattern and could extend through the top descending for a false break before a reversal down.
LONG upon the completion of the for a move up to the top of the to complete wave (5) of 5. If you only want to trade the , 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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