GBPUSD Wave Analysis - Ending Diagonal
GBPUSD is still in correction after the impressive 5 waves to the upside.
Price is currently in Wave 2, a downtrend that is still not over.
We do not have yet significant Price Action on the Daily Timeframe and one more push to the downside is very likely.
The pattern Looks like an ending diagonal, with 3-3-3-3-3 Wave Count.
Look for rejection at the upper trendline to anticipate the next fall.
Target and area of Support is the lower channel & 61% Fibonacci Level.
61% Fibonacci Level is a very common target for Wave 2 and we should look there for Long entrys.
Do not rush anything and act out of greed. Let the market develope and stay openminded.
Price is currently in Wave 2, a downtrend that is still not over.
We do not have yet significant Price Action on the Daily Timeframe and one more push to the downside is very likely.
The pattern Looks like an ending diagonal, with 3-3-3-3-3 Wave Count.
Look for rejection at the upper trendline to anticipate the next fall.
Target and area of Support is the lower channel & 61% Fibonacci Level.
61% Fibonacci Level is a very common target for Wave 2 and we should look there for Long entrys.
Do not rush anything and act out of greed. Let the market develope and stay openminded.
