GBPUSD faces resistance around 1.2530/50
GBPUSD has rallied back through resistance zone around 1.2520/30 from the day's low. Structurally, GBPUSD is seen to be in a corrective phase since 1.2800 handle. The single currency pair is on its way to produce an A-B-C drop towards 1.1950 levels. Also note that fibonacci 0.618 retracement of the entire rally between 1.1414 through 1.2800 is also passing through 1.1969 levels. High probability remains for a bullish bounce, if prices manage to reach through 1.1950/60 mark. Probable wave counts are suggesting that GBPUSD might have completed Wave A around 1.2250, Wave B might be complete at 1.2530 or could reach 1.2550. If the above is correct, GBPUSD should resume Wave C lower towards 1.1950 soon.
Strategy:
Short against 1.2800, targeting 1.1950
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Strategy:
Short against 1.2800, targeting 1.1950
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.