GBPUSD Daily Chart.Whichever the way, it's tradeable.

Traders,

GBPUSD dominant trend remains Bearish in WEEKLY chart.
Since 7/10/2016 , it developed into a corrective 5-3-5 pattern EW ZigZag.
1 - Wave-A developed into a 5-wave motive structure, ending at 1.27750
2 - Wave-B developed into a 3-wave internal correction ending at 1.19840
3 - Wave-C is initiating a probable 5-wave structure. This is expected to conclude as a motive wave.

-If price bounce from 1.2600 area, watch for long setups, target 1.272 Fib extension of (iv) wave (1.31670), possible last (v) wave.
-If price initiates a flag near 1.2600, watch for short setups, a possible break down and the start of next impulsive wave.

Trade with discipline
Best

Comment:

Looking for the last fifth wave up

Comment:

4th corrective wave will complete soon.
Watch for next impulsive 5th

Comment:

Comment:

Correction

Comment:

Looking for shorts

Trade active:

Trade is active, entry price 1.31120, If you are not in, watch for the break if the flag

Trade closed manually:

Closed at BE.
Didn't get the break of the flag for a further drop.
Instead now it looks bullish.

Comment:

Good up move after the break of the flag, price of daily trendline.

Comment:

Pattern is close to complete.