GBPUSD Potential Upside Continuation
Updated
TRADE TYPE: Swing/Scalp
With
GBPUSD bouncing off of major monthly support around the 1.39000 level and since then seeing nothing but strong bullish momentum we do not want to take any short positions on this pair. With that being said we are in the process of a pretty clear harmonic move, the good old AB=CD move. With the initial bounce off of the major monthly support acting as the impulsive leg A we have since then reached a top at B and then retraced to exactly the 61.8% retracement level. This retracement marks point C of the move as it has rallied significantly since bouncing off of the 61.8% retracement and we can expect to see a completion of the move at point D at around 1.46500. The top of B should hold as support for this harmonic pattern to "technically" be accurate, but we know that nothing in this market is perfect so we marked the potential pull-back zone with the green horizontal box at point B. We will be looking to buy a pullback of this area and look to take profits up at around 1.45600 or 1.46200.
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With
GBPUSD bouncing off of major monthly support around the 1.39000 level and since then seeing nothing but strong bullish momentum we do not want to take any short positions on this pair. With that being said we are in the process of a pretty clear harmonic move, the good old AB=CD move. With the initial bounce off of the major monthly support acting as the impulsive leg A we have since then reached a top at B and then retraced to exactly the 61.8% retracement level. This retracement marks point C of the move as it has rallied significantly since bouncing off of the 61.8% retracement and we can expect to see a completion of the move at point D at around 1.46500. The top of B should hold as support for this harmonic pattern to "technically" be accurate, but we know that nothing in this market is perfect so we marked the potential pull-back zone with the green horizontal box at point B. We will be looking to buy a pullback of this area and look to take profits up at around 1.45600 or 1.46200. Here at Unique4xPro we pride ourselves in being the World's first "Virtual Forex Trading Floor" where we will turn ANYONE that trades with us into a profitable for FREE! That's right... for FREE! All you need to do is to fund your own trading account.
If you want to join our trading team check out https://www.Unique4xPro.com
Also follow us on all of our social media:
Twitter @ Unique4xPro
Snapchat @ Unique4xPro
Instagram @ Unique4xPro
Tune in to our daily live market reviews @ 4:30 PM EST on Periscope @ Unique4xPro
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