GBPUSD – Buying dips at the AB=CD correction

Monthly: Moved higher from the 2016 low of 1.1905. Levels close to be bespoke resistance at 1.4390 found sellers. April’s price action formed bearish Outside Bar, often an indication that the rally (correction) has come to an end. Levels under 1.2900 have found buyers

Daily: Moving lower in a corrective formation. A full AB=CD pattern takes the pair to 1.2884. This is just below the 61.8% pullback level of 1.2905 (from 1.2662-1.3298). DeMark has posted a correction count on the daily chart

Weekly: Moving higher in a corrective formation. Taking a measured move target (AB=CD) form the aforementioned daily support (of 1.2885) and we look to focus on the 50% pullback level of 1.3516 (from 1.4377-1.2662). This setup offers ample risk/reward