SleekPips

GBPUSD Imminent Rally

Long
FX:GBPUSD   British Pound / U.S. Dollar
Zoom in this chart to notice PA on a lower TL.
The GBP is an undervalued currency since the Brexit vote 2yrs ago , this decline means it holds a notional bullish sentiment. The BoE has maintained a hawkish stance amidst the geopolitical hurricane subsequently favouring a strong pound. We choose to look for rallies based on this fundamental bias. The charts too suggest that the long decline is running out of steam till later. Looking left of the weekly chart (use this one) you will notice that Elliot wave 5 is complete and we are now in the corrective ( ABC ) zigzag phase till fib approx.161.80% to 261.80%, other analysists might see a triangular formation on the daily chart . For what you know, we even might have already begun wave 1 of the next impulse wave. Watch the space!!

Buying Levels; Watch out for stop hunt spikes at 1.29900 or at the all time Mother of support 1.29000
Keep the Stop tight around 20 pips.
TP as mentioned, Use fib levels, daily pivots and top of the channel.

TP1 = 1.30480
TP2 = 1.32000
TP3 = 1.3700 (Extreme), DAIM! you need bags of patience for this!


Happy trading folks :)

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https://uk.tradingview.com/chart/O3EWSWce/

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