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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Related publications
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.