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Pound vs. Dollar - Short Term Swing Trading Idea - 2 June 2022

Long
British Pound / U.S. Dollar (OANDA:GBPUSD)  
TradingTie  
OANDA:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Wave Analysis Technical Indicators GBPUSD pound cable trading swing IDEA
6
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trendanalysis waveanalysis indicator gbpusd pound cable trading swing idea
GBPUSD in the past week corrected almost 200 pips. Check connected trading idea from 26-May. Note that probably the cable won't reach the support zone of 1.2380-1.2400 and from here a test of SMA 200 will build a strong impulse upward. Duration of trading idea is 1 week.

What is the supported thesis technically for the expected scenario on GBPUSD?

- Price-action will form in the next couple of hours - strong engulfing
- By Elliot waves, A-B-C is finished and tested on SMA 200
- The RSI indicator is below 30-level and soon will start moving up

If you have any questions related to this trading idea I will be happy to provide you with answers.

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Pound vs. Dollar - Short Term Swing Trading Idea - 26 May 2022
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