After breaking the long-term trend line, GBPUSD has built a ground for itself in the 1.2760 area.
My view is long GBPUSD at 1.2850 (buy limit) with a stop loss at 1.2650 and targets as shown above, however, maximum target is 1.3490
It is recommended to open multiple deals and close one at each target, as well as dragging all SL orders to breakeven once price...
The USD still going very strong in all currency pairs and as long as buying Gold is not an alternative, I see this bearish trend continue.
Based on structure and ratios, I see a potential AB=CD pattern in the making which would complete around the 0.786 retracement of the last impulse leg. It will however not be a straight run down the hill as we'll have to break...
