GBPUSD Analysis – Possible Trend of Gbpusd…
GBPUSD analysis More pain to come ?
On larger time-frame ( weekly) we are able to see that wave C circle has already reached 0.618% of the length of wave A circle which might satisfy minimum Elliott wave guidance following common relationship is equality between A and C which might imply a further drop to 0.9535 !!!!!
GBPUSD 2-3 day target
The 0.786 level holding as nice resistance from the ‘flash’ crash seen on the seventh October. With such a giant move there’s likely to be a following test of support before a meaning retracement to the upper side, or a further break to the downside. it isn’t currently possible to see which way prices can go, however it’s highly probably the initial move all the way down to support will be made! This trade has a 1 : 2.12 risk reward, with the stop loss placed at a psychological level (1.25500), additionally as being significantly above the 0.786 retracement level just in case of slippage in the case of early morning liquidity where prices is also fairly volatile. Holding time: 1-3 days.