. There is a possibility of temporary retracement to suggested support line (1.2403). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. GBPUSD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
Modesty aside, the wave analysis was perfect! See the first post on 07.16.2020
All targets were hit and whoever followed them made an incredible profit!
I believe in a short-term correction of the cycle, but in a more forest and less tree view the GBPUSD pair will continue to grow.
The weekly right side is down against 1.4393. The daily has a bearish sequence however is turning up against the March 2020 lows at 1.1412. The 4 hour is turning up against 1.2244. The 1 hour right side is up against the 1.2646 lows. While above 1.2244 low expect the pair higher toward 1.3200 before it corrects the cycle from the March 2020 lows.