Longterm view on GBPUSD
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The recent decline in this pair can possibly be counted as the completion of an ending diagonal for wave C (purple) of a flat correction for wave B (blue) of a zigzag. Following such a structure it would be expected to have a strong rally in wave C (blue) that would usually take the high at wave A and go higher than 2.01.
I note the multiple bullish RSI divergence.
Having this in mind it would be prudent to check the daily and 4 hr time frames to look for low risk entries which I will do in subsequent posts
I note the multiple bullish RSI divergence.
Having this in mind it would be prudent to check the daily and 4 hr time frames to look for low risk entries which I will do in subsequent posts
Nota
On the 4 Hr time frame we have this pink pitchfork. Its lower parallel seems to be showing support and validating the pitchfork. If it continues to hold support I would expect price to reach the midline as a minimum. Deeper correction to the 50% or 0.618 level is also possible, but currently we do have what looks like a good geometrical structure to trade against
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