On my recent posts I aimed to having spot similar correction structures on different instruments. I believe GBPUSD have the same structure, a corrective triangle, but this time, after the correction finishes, trend will continue lower.
By first week of October, I believe we may start a last correction wave in the triangle which should close the gap formed on Brexit night. Once there, I will short with first target at 1.21. From the fundamental point of view, once Article 50 is activated, Pound should strongly depreciate to the rest of currencies.
By first week of October, I believe we may start a last correction wave in the triangle which should close the gap formed on Brexit night. Once there, I will short with first target at 1.21. From the fundamental point of view, once Article 50 is activated, Pound should strongly depreciate to the rest of currencies.
Comment:
I bet Theresa May had a different view... However, 1.2817 and 1.2795 are very important to watch! Below that GBP may start falling into the abyss
Comment:
GBP destroys one resistance after another... I posted an alternative wave count inside a broken triangle. If we consider that, when a triangle is broken, further movement normally equals the lenght of a triangle, our target for now is indeed 1.21 ish
Comment:
And now we shall stay and watch. Risky traders can try tiny longs
Trade closed manually:
Updated a long-term view on a different chart
Please, follow your strategy! Always!
If there is no strategy that has proven itself successful, please do not trade with real money!
If there is no strategy that has proven itself successful, please do not trade with real money!
