Wait for retracement and LONG GBPUSD , Potential Butterfly
Currently GBPUSD reached a position with lots of resistence on the left , and probably after a almost V shaped rally , a retracement is nessesary.
1, Looking at potential LONG position around 1.54 which will retest the downward trend lines and it is also 0.618 of the rally starting from C.
2, Potential Butterfly ,target at 1.27 of XA ,around 1.58052, which is also at top of the consolidation region. (see structure on the left)
1, Looking at potential LONG position around 1.54 which will retest the downward trend lines and it is also 0.618 of the rally starting from C.
2, Potential Butterfly ,target at 1.27 of XA ,around 1.58052, which is also at top of the consolidation region. (see structure on the left)
Note
As expected, GBPUSD undergoing retracement , wait patentially for the long entry point.
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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.