Gbpusdshort
GBPUSD , Weekly analysis, Sep 21-25Dear traders,
British pound against US Dollar , have seen low on friday after some upward momentum on thursday, price action supports that it has a strong resistance of 1.30..so it looks to go down around the area of 1.27 this week, fundamentals and dollar index also supports the same.. hope currently this pair is in control of the bears..
GBPUSD Long Term Analysis as per The Wave Theory
We have a 5 Wave Downward Impulse structure complete and now starts the Upwward Correction
Here We have a Wave A which is a Upward Correction and this is a Type 2 Zigzag (where Wave A or C is a proper 5 Wave Impulse whilst the other is a ABC);
This downward 5 Wave Impulse is a Wave A then we will have a 3 Wave structure Wave B and then a downward Correction again;
SWING TRADE- GBP/USD- SELL FROM 1.25500-1.25700 REGIONCONTINUATION GU - FROM 1.25500-1.25700 REGION
LOOKING TO GO SHORT GU FROM OUR BLUE ZONE WE HAVE CONFLUENCES THAT AT THE 1.25500-1.25700 REGION WE COULD SEE SOME SORT OF SELL OFF IN THIS REGION WE HAVE 61%FIB ALSO A TREND LINE AND TWO PRICE GAPS THAT HAVE TO GET FILLED UP IN THIS AREA
ALSO WE HAVE ELLIOT WAVE WHICH LINES UP PERFECTLY WITH THE 4 WAVE I THINK THIS IS JUST A PULL BACK BEFORE WE SEE PRICE DROP TO AROUND 1.22500 THIS IS WHERE OUR FIRST TAKE PROFIT IS OUR SECOND TAKE PROFIT IS 1.21700 THIS GIVES US AROUND 320-400 PIP TARGET DEPENDING ON ENTRY
SELL LIMIT 1 SELL LIMIT 2
ENTRY; 1.25550 ENTRY;1.25700
TP;1.22500 TP;1.21700
SL;1.25750 SL;1.25850
R:R; 1:15 R:R; 1:26
REASONS FOR GU SELL
61% FIB
DOWNWARD TREND LINE
LIQUITITY TRAPPED IN 1.25500-1.25700
R2(INTRADAY)(15)
4TH ELLIOT WAVE - MEANING NEEDS TO AST LEAST GO BACK TO PREVIOUS LOW
I WILL LOOK AT PRICE ACTION BEFORE ENTERING THIS TRADE LOOK FOR BEARISH REVERSAL ON LOWER TIMEFRAME IN THE AREA OF 1.25500-1.25700
IF YOU SEE BULLISH MOMENTUM PAST 1.25800 DO NOT ENTER
TRADE AT YOUR OWN RISK
GBPUSD TRADE SETUPThe pair ended a cycle up in wave ((1)) from the 9/3/2019 lows at 1.3519 on 12/13/19. From there a cycle in wave (A) ended at 1.2904 & wave (B) ended on 12/31/19 at 1.3284 to correct the cycle lower from the 12/13/19 highs . While below 1.3066 where the hourly right side is down a turn back lower to correct the cycle from the 9/3/19 lows can further develop. While it shows it will remain above the 9/3/2019 lows where the 4 hour right side is up it can see another swing higher in the correction of the cycle lower from the 4/17/18 highs.
GBP/USD Technical AnalysisThe counter is currently in a pullback mode after a steep fall.
The correction has ended with the formation of a head and shoulder pattern.
The price action has broken the neckline and is currently consolidating just below it.
Hence, we expect the pair to be bearish in the near-term.
GBPUSD SHORT TRADE SETUPThe pair ended a cycle up in wave ((1)) from the 9/3/2019 lows at 1.3519 on 12/13/19. From there a cycle in wave (A) ended at 1.2904 & wave (B) is favored ended at 1.3287. While a bounce fails below 1.3118 where the hourly is turning down it can see a pullback continue to correct the cycle from the 9/3/19 lows. While it shows it will remain above the 9/3/2019 lows where the 4 hour right side is up it can see another swing higher in the correction of the cycle lower from the 7/15/14 highs.