GBPUSD Expecting a retracement
On a higher time frame, sterling hit the 23.6% FIB level (red horizontal line) at 1.28500. It tested once, bounced, and then came back and was supported again in that area. I projected a FIB expecting a 5 wave pattern here. I'm expecting the 5th wave to end around 1.32399, and then fall back down to 1.255 levels before the real correction comes into play. I added on my position at the 78.6% FIB to go long.
Note
small dip, but found solid support. still holding...Note
Moving up nicely now.Note
Stop is at 1.28536. Still in play. Target may be adjusted to the 38.2% at 1.31551. Still tentative.
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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.