Asaadx2
Long

Longterm view on GBPUSD

FX_IDC:GBPUSD   British Pound / U.S. Dollar
The recent decline in this pair can possibly be counted as the completion of an ending diagonal for wave C (purple) of a flat correction for wave B (blue) of a zigzag . Following such a structure it would be expected to have a strong rally in wave C (blue) that would usually take the high at wave A and go higher than 2. 01 .
I note the multiple bullish RSI divergence.
Having this in mind it would be prudent to check the daily and 4 hr time frames to look for low risk entries which I will do in subsequent posts
Comment: On the 4 Hr time frame we have this pink pitchfork. Its lower parallel seems to be showing support and validating the pitchfork. If it continues to hold support I would expect price to reach the midline as a minimum. Deeper correction to the 50% or 0.618 level is also possible, but currently we do have what looks like a good geometrical structure to trade against

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out