GBP/USD-£/$ - Bullish Retracement – Minute B

GBP/USD-£/$ - Bullish Retracement – Minute B

GBP/USD-£/$ peaked at 1.3200 Levels and commenced the down-trend, as per our previously posted “£/$-GBP/USD – Market Shift – Bearish Cycle Wave V”.

After the Ending Diagonal, Bearish Minute A (blue) unfolded as a Zig-Zag, which seems to be complete, as per the current Wave Count.

Volumes would agree with a Correction at this stage due to a possible Bullish Divergence, quite common at the end of a Bearish Trend.

2H Chart (picture):

Minute A (blue) – Wave Analysis:

• Minuette (a) (red) unfolded with a 5 Swings Sequence, determining the Zig-Zag Structure, also implying a possible trend continuation for a larger degree Structure, after the current presented Correction.
• Minuette (b) (red) shows a Complex WXYXZ Structure within a Triple Three, due to the present weakness and Bearish pressure.
• Minuette (c) (red) unfolded its 5 Swings Sequence on the lower side, showing an Expanded Flat in Sub-Minuette iv (blue).

Fibonacci Measurements and Projections:

• The typical target for the end of Minuette (c) (red) would draw attention towards the 100% Fibonacci Extensions of Minuettes (a) & (b) (red).
• 100% & 150-161.8% Fibonacci Extensions of Sub-Minuettes iii & iv (blue) would also be in focus as it could represent the end of the 1st Bearish leg, end of Minuette (c) (red) and with it, the possible end of Minute A (blue).

GBP/USD-£/$ - Bullish Retracement – Minute B – BUY Position:

• Entry Level:
Aggressive – 1.2785 (or Market Execution)
Conservative – 1.2715
• SL – 1.2600
• Targets – 1.2940 / 1.3000 / 1.3070

Safety Measures:

• When in the green, moving SL to break-even or in profit.
• If Conservative, waiting for a Bullish Divergence confirmation.

Many pips ahead!