GBPUSD 8H Wave Analysis
- GBP/USD made nice higher Highs and bullish engulfing on monthly chart
- Currently in ABC correction with wave C to complete
- Wave C should at least correct to 38% Fib Level, but deeper correction is more likely
We have multiple support at around 1.26
Rising Trendline
Falling Channel/TL Retest
Horizontal Support
50% Fibonacci Level - We are currently short since yesterday. Looking for significant price action around the two levels and will close the short around there
- IF major price action occurs around this level, a long position will be opened to ride the Wave 3 of Wave 3 to new highs
- Watch out for GBP News, timing should line up with GB Elections!!
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