GBPUSD dominant trend remains Bearish in WEEKLY chart. Since 7/10/2016 , it developed into a corrective 5-3-5 pattern EW ZigZag. 1 - Wave-A developed into a 5-wave motive structure, ending at 1.27750 2 - Wave-B developed into a 3-wave internal correction ending at 1.19840 3 - Wave-C is initiating a probable 5-wave structure. This is expected to conclude as a motive wave.
-If price bounce from 1.2600 area, watch for long setups, target 1.272 Fib extension of (iv) wave (1.31670), possible last (v) wave. -If price initiates a flag near 1.2600, watch for short setups, a possible break down and the start of next impulsive wave.
Trade with discipline Best
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Looking for the last fifth wave up
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4th corrective wave will complete soon. Watch for next impulsive 5th
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Correction
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Looking for shorts
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Trade is active, entry price 1.31120, If you are not in, watch for the break if the flag
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Closed at BE. Didn't get the break of the flag for a further drop. Instead now it looks bullish.
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Good up move after the break of the flag, price of daily trendline.
Hi @Hassan.saeed881994, take a look at this EURGBP chart. We look for the drop, however, price now is making a higher high so stay out of it for the moment.