GBPUSD proceeds towards 1.1970 as Wave C resumes from 1.2670
GBPUSD might have just entered the last leg within the proposed A-B-C corrective drop against 1.2800 handle. The counts are pretty much clear here. GBPUSD drop between 1.2800 through 1.2250 as Wave A, the subsequent rally towards 1.2670 as Wave B and since Wave C underway since then. Wave B managed to terminate just above the fibonacci 0.618 retracement of Wave A, seen around 1.2600 mark. If the above counts hold well, GBPUSD should remain below 1.2670 and proceed lower towards 1.1970 as Wave C progresses. A potential zigzag could be underway towards 1.1900 handle.
Strategy:
Short against 1.2800, targeting 1.1900
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:
Short against 1.2800, targeting 1.1900
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.