GBPUSD is forming an bullish trend on 4H timeframe. Price is making higher highs and higher lows.
After the impressive 5 motive waves, we are now in the larger correction of wave 2.
Wave A was a pretty sharp drop of 600 pips.
Price is now forming Wave C of wave B.
We should reach the upper limit of the channel which lines up with the 100% Fibonacci Extension.
The target for Long Position is still around 200 pips away.
After finishing wave C and therefore wave B, we will see a sharp reversal to new lows.
This final move (Wave C) to the downside will finish up wave 2. Target is around the 50/61% Fibonacci Level.
Trade with care and stay open the market conditions.
After the impressive 5 motive waves, we are now in the larger correction of wave 2.
Wave A was a pretty sharp drop of 600 pips.
Price is now forming Wave C of wave B.
We should reach the upper limit of the channel which lines up with the 100% Fibonacci Extension.
The target for Long Position is still around 200 pips away.
After finishing wave C and therefore wave B, we will see a sharp reversal to new lows.
This final move (Wave C) to the downside will finish up wave 2. Target is around the 50/61% Fibonacci Level.
Trade with care and stay open the market conditions.
Fake breakout of the 4H motherbar box.