GBPUSD Daily Bearish Correction

GBPUSD

GBPUSD Daily Analysis Update

Market is in overall Bullish structure.
In Elliott Wave perspective, price has developed 5-waves bullish move from 20 March 2020 to date. It could be awesome if Wave 5and Wave 1 had a Fibonacci relationship. We see Divergence formed at key level (1.4250) between Wave 3 and 5 Green on price chart

Using RSI (14, 70,30) it appears that 5th Wave has internal 5-waves market 1,2,3,4 and 5 on RSI. Also 5th Wave has internal 5 waves marked i,ii,iii,iv, and v with declining in memontum.

Candlestick analysis shows Bearish engulfing pattern formed by candlestick formed on 31 May and 1 June.

Confluence of evidences above suggest Bearish trade targeting 1.40000 minimum target. However, on Elliott Wave perspective, Depth of Correction guideline may provide better targets.

To your trading success!

Handel aktiv:

Short trade very much active.

To your trading success!

Handel aktiv:

Nice move.

Trade stängt: målet nått:

Target reached.

I'm Humbled!