GBPUSD Analysis on November 2016: Setting up long position
Updated
Talking Points:
GBPUSD Technical Strategy: Temporary Bullish view
Elliottwave Count: Either wave 3 or alternate wave C is due.
Analysis
GBPUSD (Great British Pound vs US Dollar) is looking one more high towards 1.2868 horizontal weekly resistance. Also on smaller timeframe, pound is suggesting one more high in bullish count. This count can be either wave 3 or on alternate this can be wave C. As we have first leg up was five wave impulse, we are expecting zigzag correction atleast towards 1.2868. We will mark that move as reversal or correction on that resistance only. But looking for trading opportunity, we have nice long setup coming up.
Action
We are looking for attractive level to go long on pound vs US dollar with limited stoploss.
-- By HoagTrading.com (hoagtrading)
GBPUSD Technical Strategy: Temporary Bullish view
Elliottwave Count: Either wave 3 or alternate wave C is due.
Analysis
GBPUSD (Great British Pound vs US Dollar) is looking one more high towards 1.2868 horizontal weekly resistance. Also on smaller timeframe, pound is suggesting one more high in bullish count. This count can be either wave 3 or on alternate this can be wave C. As we have first leg up was five wave impulse, we are expecting zigzag correction atleast towards 1.2868. We will mark that move as reversal or correction on that resistance only. But looking for trading opportunity, we have nice long setup coming up.
Action
We are looking for attractive level to go long on pound vs US dollar with limited stoploss.
-- By HoagTrading.com (hoagtrading)
Trade active
Let's move stoploss to break-even for second position to safe guard capital. Target keeping as expected. Second Position:
-- By Hoagtrading.com (Twitter: @Hoagtrading)
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