Unique4xPro
Long

GBPUSD Potential Upside Continuation

FX:GBPUSD   British Pound/U.S. Dollar
8 months ago
TRADE TYPE: Swing/Scalp

With GBPUSD             bouncing off of major monthly support around the 1.39000 level and since then seeing nothing but strong bullish momentum we do not want to take any short positions on this pair. With that being said we are in the process of a pretty clear harmonic move, the good old AB=CD move. With the initial bounce off of the major monthly support acting as the impulsive leg A we have since then reached a top at B and then retraced to exactly the 61.8% retracement level. This retracement marks point C of the move as it has rallied significantly since bouncing off of the 61.8% retracement and we can expect to see a completion of the move at point D at around 1.46500. The top of B should hold as support for this harmonic pattern to "technically" be accurate, but we know that nothing in this market is perfect so we marked the potential pull-back zone with the green horizontal box at point B. We will be looking to buy a pullback of this area and look to take profits up at around 1.45600 or 1.46200.

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8 months ago
Trade active
DAVID_GIRALDO
8 months ago
thank you!! i was looking to short in that zone and let go of my long but just didnt nitice the pattern.
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