GBPUSD Bullish Impulse (5) Hints At 1.3689

0 787

The current GBPUSD structure shows a bullish impulse Ⓒ, consisting of intermediate sub-waves (1)-(2)-(3)-(4)-(5).

Wave (4) completed as a horizontal contracting A-B-C-D-E triangle.

We could expect a rise in wave (5) near the 1.368 level. At that level, impulse wave (5) will be at 76.4% of intermediate impulse (3).


An alternative scenario indicates that the intermediate corrective wave (4) is not yet complete.

It is likely that the specified wave is a bearish double zigzag consisting of minor sub-waves W-X-Y. Waves W and X are fully complete as simple zigzags. We could expect the development of wave Y to begin soon.

A rise in the final part of wave X is likely towards 1.330. At that level, wave X will be at 76.4% of wave W.

A decline to the area of 1.245 in wave Y is expected and would respect the tenancy of zigzags W and Y being equal.

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


or practice on DEMO ACCOUNT

Trading CFDs Involves high risk of loss

Leave A Reply

Your email address will not be published.