Bottom line: GBPUSD bulls firmly in control as an impulse looks to be complete from 1.1950 through 1.3515 levels respectively. Expect a corrective drop to unfold in the short term.
Technical Analysis:
GBPUSD is looking set to gain further, after a brief corrective drop at least towards 12850/1.2900 levels. Looking into the wave counts since 1.1950 lows print on September 03, 2019, GBPUSD has terminated an impulse rally at 1.3515, last week. After having terminated Wave (4) at 1.2840 levels earlier, another rally subdividing into 5 waves at lower degrees, terminated through 1.3515 levels completing the impulse wave at one larger degree. This is a classic example of an ideal Elliott Wave Impulse and should be now followed by a corrective wave, potentially unfolding into 3 waves (A-B-C). It is advisable to tale partial profits around current levels (1.3410), and allow the corrective wave to unfold lower before initiating longs again. A drop below 1.3049 from here would indicate that the first leg of correction is in place. Please note that support trend line is passing through the 1.2700 mark at this moment, and fibonacci 0.618 retracement of the entire rally is at 1.2550 levels; hence corrective drop unfolding much deeper cannot be ruled out. A high probable trade direction from here is expected to unfold on the south side, against 1.3515 levels, with potential targets around 1.2800 at least. Please note that Wave (4) termination was around the 1.2850 mark and hence the corrective wave can be expected to terminate close to 1.2800 respectively. As an alternate count, only a consistent drop below the 1.2300 mark will nullify the above bullish structure and threaten the 1.1950 lows. A more conservative approach would be to remain flat and allow the corrective drop to complete, before initiating fresh long positions.
Prepared by
Harsh Japee, Technical Analyst
GBPUSD Chart
MyFxtops 邁投 (www.myfxtops.com) -Reliable Forex Copy Trade community, follow the master for free to trade!
Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.
Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.
MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区，免费跟随高手做交易！
免责声明：本文系转载自网络，如有侵犯，请联系我们立即删除，另：本文仅代表作者个人观点，与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实，对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺，请读者仅作参考，并请自行核实相关内容。
著作权归作者所有。
商业转载请联系作者获得授权，非商业转载请注明出处。
