TimStuyts
Long

GBPUSD target hit but there is more to come

FX:GBPUSD   British Pound / U.S. Dollar
191 2 6
The GBPUSD             made that move from the low we were looking at three weeks ago.



Although we came close to 1.47, I like to see a minor consolidation Monday to buy the continuation. I will be trading this from lower time frames to increase my risk/reward. Although in terms of pips 1.47 is not far away, risk/reward and structure is great and that's what matters in my trading. So let's see whether we get that minor consolidation for a buy trade opportunity.

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Comment: The market is slow today and I will just add my alternative scenario short term GBPUSD.



Keep in mind that this pair can easily extend from here towards 1.47. However once we hit that target I will also focus on a possible reversal.

updates will follow.
Comment:
Comment:
I agree with your labelling ! Bear in mind that your W = Y at 1.4677 which is a common trait in corrective waves ( zigzags or combinations)! Good work :))
Reply
That's correct and that likely gave the technical resistance (in the zone shown by means of the blue trend lines as well as previous highs) at the end of last week. However the fact that the market didn't give back much end of month tells me that this pair most likely want to go higher to test at least 1.47 next week. However the consolidation will tell us what to expect next. Thank you.
Reply
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