Wave STructure Analysis | GBP/USD M15
The rally that happened in the Cable due to the news has seen a follow-through that created the Bullish MH3 (Green Wave). This trend however has been weakened by the pullback of Structure 4. This price has traded below the prior Structure 2. Having said that, the price is still firmly trading in the Buy Zone of the Fibonacci measured from the low to the high of 3.
The high probability direction is still bullish based on the current setup. Below 2DL we will stand aside, which also corresponds to the 0.618% retracement of the current bullish wave.
Target 1: 1.2500
Target 2: 1.2529
Stop Loss: 1.2430
The high probability direction is still bullish based on the current setup. Below 2DL we will stand aside, which also corresponds to the 0.618% retracement of the current bullish wave.
Target 1: 1.2500
Target 2: 1.2529
Stop Loss: 1.2430