GBPUSD Technical Strategy: Short term view
Elliottwave Count: Either wave 3 or alternate wave C is due.
GBPUSD (Great British Pound vs US Dollar ) is looking one more high towards 1.2868 horizontal weekly resistance. Also on smaller timeframe, pound is suggesting one more high in count. This count can be either wave 3 or on alternate this can be wave C. As we have first leg up was five wave impulse, we are expecting correction at-least towards 1.2868. We will mark that move as reversal or correction on that resistance only. But looking for trading opportunity. Comparing our previous analysis, we adjusted our count and was expected .
We are long two position in this pair from 1.2475 and 1.2401. Moved stoploss to breakeven for 1.2401 position.
-- By Hoagtrading.com (@hoagtrading)