GBPUSD proceeds towards 1.2900/1.3200 resistance
GBPUSD might have terminated its lower degree wave iv yesterday around 1.2450/60 levels. The currency pair has since raised through 1.2687 before retracing lower again. Structurally, GBPUSD had carved Waves 1, 2, 3 and 4 as labelled on the chart here. Wave 4 had terminated just below the 1.2100 handle earlier. Since then, GBPUSD has been carving wave v towards 1.2950 and higher respectively. Within the 5th wave, a lower degree wave iv has also terminated around 1.2450/60. Further, GBPUSD is possibly into its final push higher towards the above resistance (1.2900/1.3200), before producing a meaningful retracement. Overall, GBPUSD is very close to completing its first impulse rally since 1.1414 lows.
Strategy:
Long against 1.2100, targeting above 1.2900 and 1.3200.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Strategy:
Long against 1.2100, targeting above 1.2900 and 1.3200.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.