GBPUSD. Medium-term view

On my recent posts I aimed to having spot similar correction structures on different instruments. I believe GBPUSD have the same structure, a corrective triangle, but this time, after the correction finishes, trend will continue lower.

By first week of October, I believe we may start a last correction wave in the triangle which should close the gap formed on Brexit night. Once there, I will short with first target at 1.21. From the fundamental point of view, once Article 50 is activated, Pound should strongly depreciate to the rest of currencies.

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I bet Theresa May had a different view... However, 1.2817 and 1.2795 are very important to watch! Below that GBP may start falling into the abyss

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GBP destroys one resistance after another... I posted an alternative wave count inside a broken triangle. If we consider that, when a triangle is broken, further movement normally equals the lenght of a triangle, our target for now is indeed 1.21 ish

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And now we shall stay and watch. Risky traders can try tiny longs

Trade stängt manuellt:

Updated a long-term view on a different chart