Long opportunity GBPUSD
Even though we can count a clear 5 waves up for GBPUSD with a nice reaction at a cluster of Fibonacci levels, I believe that GBPUSD still hasn't finished its move up.
1) Elliot wave : On the 1h timeframe, the moves seems to have completed an extended wave 3 and therefore we still have to see the final wave 5.
2) RSI: We don't really see anything alarming yet. Not a significant bearish divergence or first signals that the trend has changed.
3) Trend: The trend is clearly up on the 4h timeframe. We have a long series of higher highs and higher lows. Until proven otherwise we should stick with the trend.
Overall, if the market was ready to reverse and retrace 50-61.8% of the entire move, I would expect the market to do it with much more strength. The rejection from the highs is currently sloppy and sideways, therefore looks more like an accumulation rather than a reversal.
With all that in mind, I am expecting GBPUSD to break through the current cluster of Fibonacci levels and reach the 2nd cluster between 1.178-1.183..
If the market moves below 1.15034 I will give up on this idea and move on to another opportunity. That's exactly where my stop is.
1) Elliot wave : On the 1h timeframe, the moves seems to have completed an extended wave 3 and therefore we still have to see the final wave 5.
2) RSI: We don't really see anything alarming yet. Not a significant bearish divergence or first signals that the trend has changed.
3) Trend: The trend is clearly up on the 4h timeframe. We have a long series of higher highs and higher lows. Until proven otherwise we should stick with the trend.
Overall, if the market was ready to reverse and retrace 50-61.8% of the entire move, I would expect the market to do it with much more strength. The rejection from the highs is currently sloppy and sideways, therefore looks more like an accumulation rather than a reversal.
With all that in mind, I am expecting GBPUSD to break through the current cluster of Fibonacci levels and reach the 2nd cluster between 1.178-1.183..
If the market moves below 1.15034 I will give up on this idea and move on to another opportunity. That's exactly where my stop is.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.