GBPUSD Intraday: Anticipating a bullish rebound
Updated
This is a brief intraday analysis of GBPUSD. Following a recent downward trend, I anticipate a corrective movement in three waves to the upside. It appears that the first phase of this correction has either occurred or is close to completion.
From a Wyckoff perspective, a trading range has been identified within this correction, along with a spring action. I anticipate a bullish rally in the market, aiming to reach yesterday's high at 1.21764 before the drop.
From a Wyckoff perspective, a trading range has been identified within this correction, along with a spring action. I anticipate a bullish rally in the market, aiming to reach yesterday's high at 1.21764 before the drop.
Note
The market maker initiated a liquidity hunt during the release of US unemployment claims. Nevertheless, as the support level at 1.21066 remained unbreached, our initial outlook remains intact, and we anticipate a further advance towards the price region of 1.21764.
Trade closed: target reached
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