GBPUSD Bounce Ends Correction, One More Leg to Go?

0 715

The GBPUSD structure shows a bullish zigzag consisting of primary sub-waves Ⓐ-Ⓑ-Ⓒ. The 3-wave pattern is the final part of a cycle-degree triangle a-b-c-d-e.

Currently, prices are structuring an intermediate-degree impulse in wave Ⓒ.

Wave (4) of Ⓒ was recently completed. This is the signal for a move in wave (5).

Wave (5) could take us to 1.303. At that level, wave Ⓒ will be at the 76.4% Fibonacci extension of wave Ⓐ.

gbpusd

An alternative scenario suggests that the intermediate correction wave (4) is not yet complete.

The said wave could take the form of a triangle that consists of minor waves A-B-C-D-E. The contracting triangle could complete near 1.248. This could last a few days before completing in full.

At that level, correction (4) will be at 50% of impulse wave (3).

Test your strategy on how the GBP will fare! Open your Orbex Account and start trading now. 

START TRADING

or practice on DEMO ACCOUNT

Trading CFDs Involves high risk of loss

Leave A Reply

Your email address will not be published.