Daily Forex Outlook: GBP/USD
The fall started from 2.0396 is corrective in nature and is in the position of wave B. It developed as a double corrective combination which ended with a triangle. The subsequent rise is wave C upon me. Wave 1 of C finished yesterday at 2.0110, the following fall to 1.9924 is wave 2, and wave 3 is currently developing with minimum requirement for its length 161.8 % of the length f wave 1 (the corresponding level is 2.0465). With an eye on this very bullish scenario I entered long aggressively. A key support is 2.0032
Trading strategy: 06:08 EST; 10:08 GMT
Long position from 1.9809, move the stop profit from 1.9880 to 2.0030, target - 2.0465
Addition to the long position from 1.9966, move the stop loss from 1.9880 to 2.0030, target - 2.0465
Addition to the long position from 2.0116, move the stop loss from 1.9990 to 2.0030, target - 2.0465
Confidence level - high
Karoll Financial House
This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts. This report will be updated every Monday, Wednesday and Friday on the next schedule:
- Daily EUR/USD Elliott Wave Outlook - Monday
- Daily GBP/USD Elliott Wave Outlook - Wednesday
- Daily USD/JPY Elliott Wave Outlook - Friday
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