GBPUSD, Bearish Impulse-Wave As Resistance Approached!
Hello,
Welcome to this analysis about GBPUSD, we are looking at the 12-hour timeframe perspectives, the recent events, the established formational structure, and what we should expect in the upcoming times. As when looking at my chart now we can watch there how GBPUSD has established this bearish wave-count to the downside within which it already completed wave A completely and is now about to form the wave B in the structure that is directly moving into the main resistance-cluster marked in red in my chart where several resistances coming together with such as the descending-resistance-line marked in red, the 200-EMA in red, the 100-EMA in green and also the 38.2% Fibonacci-resistance from where a pullback to the downside is highly likely, this pullback will be the origin of the main wave-C and GBPUSD will move on to the downside within its wave-count. Besides, that GBPUSD formed this bearish EMA-death-crossover here already which is giving further increased indication for the bearish impulse to the downside scenario. Once this has been completed and GBPUSD reached the dynamic target- and recovery-zone there will be the possibility given for a substantial reversal once this is done GBPUSD will even have the ability to set up an upside-breakout above the descending-trend-line.
In this manner, thank you for watching the analysis, it will be great when you support it with a like, follow and comment for more upcoming market analysis, all the best!
Information provided is only educational and should not be used to take action in the markets.
Welcome to this analysis about GBPUSD, we are looking at the 12-hour timeframe perspectives, the recent events, the established formational structure, and what we should expect in the upcoming times. As when looking at my chart now we can watch there how GBPUSD has established this bearish wave-count to the downside within which it already completed wave A completely and is now about to form the wave B in the structure that is directly moving into the main resistance-cluster marked in red in my chart where several resistances coming together with such as the descending-resistance-line marked in red, the 200-EMA in red, the 100-EMA in green and also the 38.2% Fibonacci-resistance from where a pullback to the downside is highly likely, this pullback will be the origin of the main wave-C and GBPUSD will move on to the downside within its wave-count. Besides, that GBPUSD formed this bearish EMA-death-crossover here already which is giving further increased indication for the bearish impulse to the downside scenario. Once this has been completed and GBPUSD reached the dynamic target- and recovery-zone there will be the possibility given for a substantial reversal once this is done GBPUSD will even have the ability to set up an upside-breakout above the descending-trend-line.
In this manner, thank you for watching the analysis, it will be great when you support it with a like, follow and comment for more upcoming market analysis, all the best!
Information provided is only educational and should not be used to take action in the markets.
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GBPUSD since pulling back from the upper resistance boundary to emerge with the major bearish wave C reached all of the lower target zones within the lower boundary.