GBPUSD short term top in sight?: GU resistance zones on 1h chart

10 Okt 2018

Just a quick plot to watch the three zones of interest for possible short entries.
The three zones are in my opinion resistance.
The zone marked with end of Wave (C) is most likely I think.

Barring great news regarding Brexit, I think the bounce is almost done.
Looks like an ABC correction to a down move.

Background:
This is an update to my last short term Idea looking for the dip and bounce

My GU adventure started with a search for top of uptrend around Sept 20th

Then came the big drop, which I caught most of. Then I started looking for bounces to short

After catching a few scalps and a couple big rides down, I was then waiting for a pull back again

During the pullback, I managed to get in a few short scalps but with tight stops

Then, just before NFP, the Pound started getting some good news and showing signs of bullishness so I threw some longs down

Which brings me to the current plan, looking for an ABC correction to end soon

10 Okt 2018

Nota

GU hit the first target, pulled back a bit, and went above.
However, given the strong risk-off sentiment, I do not think it will reach the next target. re-evaluating now.

11 Okt 2018

Nota

I thought the Pound would go up to the next zone in original chart, but it seems a serious cluster of fibs developed since I posted it. So now I think it may have topped here

11 Okt 2018

Nota

Interesting spike in Asia session brought GU right to my original zone spiked through it like a stop hunt perhaps? Limit sells were picked up, lets see how it goes.