Bottom line: GBPUSD bulls are into its last leg to complete an impulse wave that began from 1.1950 levels since September 03, 2019.
Technical Analysis:
GBPUSD might have completed a multi-year downtrend at 1.1950 on September 2019, as the rally since then enters into its 5th wave, expected to complete an impulse at 1.3225 at least. Please note that the 5th wave could also extend itself towards 1.3475/1.3500 levels, the fibonacci 0.618 extensions of Wave 1 through 3. GBPUSD is a classic picture of an impulse wave in the making at a higher degree since 1.1950 and we would like to describe each wave as it unfolded. Wave (1) sub divided into 5 waves (impulse) between 1.1950 and 1.2582; Wave (2) was corrective (3 waves, potential flat) between 1.2582 and 1.2193; Wave (3) also sub divided into 5 waves between 1.2193 and 1.3013; as expected and according to guidelines of alternation, Wave (4) unfolded as a triangle (sideways consolidation) structure a-b-c-d-e and terminated at 1.2821 respectively. Since then Wave (5) has been progressing and it might be into its last wave towards 1.3225 at least, fibonacci 0.382 extensions of Wave 1 through 3. Also note that Wave (3) is the largest among 1,2 and 5 until now and Wave (4), does not enter the territory of Wave (1); typical guidelines of an impulse wave. We have been following since Wave (2) termination on October 08, 2019, and have been witness to price action unfolding in lines with expectations. As we enter into the last wave, it is recommended to remain cautious with prices approaching 1.3225 levels and either book profits or move stop loss levels to 1.2821 levels, the Wave (4) termination. Watch out for resistance zone around 1.3200/20 levels and a potential reversal from there as GBPUSD enters a corrective phase.
Prepared by
Harsh Japee, Technical Analyst
GBPUSD Chart
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