GBPUSD looks like it has finished the 3rd wave and has began correcting.
I would expect price to climb to the 61.8 to 78.6 % fib retracement level finishing the B wave.
I then would anticipate price to fall down the the 161.8% level of wave A.
This would complete the first of possibly 3 corrections.
If entering, I would wait for a larger/engulfing bullish candle/bar close at the end of wave B, take profit just before the -61.8 (conservative at -38.20%),
and stops just past the 78.60%, unless price goes to that level then stops would be raised to the start of wave A.
From here, I would be wary of upcoming interest rate changes for GBP pairs.
I would expect price to climb to the 61.8 to 78.6 % fib retracement level finishing the B wave.
I then would anticipate price to fall down the the 161.8% level of wave A.
This would complete the first of possibly 3 corrections.
If entering, I would wait for a larger/engulfing bullish candle/bar close at the end of wave B, take profit just before the -61.8 (conservative at -38.20%),
and stops just past the 78.60%, unless price goes to that level then stops would be raised to the start of wave A.
From here, I would be wary of upcoming interest rate changes for GBP pairs.
Comment:
GBPUSD has now come very close to the 78.6% retracement and from here downside is likely.