GBPUSD - SELL IDEA
On the 15-minute chart for GBP/USD, the pair appears to have completed an impulsive five-wave structure, which is often followed by a corrective phase. The current setup suggests a potential short opportunity as the pair corrects lower.
Key levels to monitor:
- The 1.618 Fibonacci extension level at 1.31320, which is a typical target for the completion of a wave (c) within an ABC corrective pattern.
This setup points to a bearish move in the near term, making this a favorable scenario for considering short positions as the correction unfolds.
Key levels to monitor:
- The 1.618 Fibonacci extension level at 1.31320, which is a typical target for the completion of a wave (c) within an ABC corrective pattern.
This setup points to a bearish move in the near term, making this a favorable scenario for considering short positions as the correction unfolds.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.