GBPUSD Daily Bearish Correction

GBPUSD

GBPUSD Daily Analysis Update

Market is in overall Bullish structure.
In Elliott Wave perspective, price has developed 5-waves bullish move from 20 March 2020 to date. It could be awesome if Wave 5and Wave 1 had a Fibonacci relationship. We see Divergence formed at key level (1.4250) between Wave 3 and 5 Green on price chart

Using RSI (14, 70,30) it appears that 5th Wave has internal 5-waves market 1,2,3,4 and 5 on RSI. Also 5th Wave has internal 5 waves marked i,ii,iii,iv, and v with declining in memontum.

Candlestick analysis shows Bearish engulfing pattern formed by candlestick formed on 31 May and 1 June.

Confluence of evidences above suggest Bearish trade targeting 1.40000 minimum target. However, on Elliott Wave perspective, Depth of Correction guideline may provide better targets.

To your trading success!

Transaction en cours:

Short trade very much active.

To your trading success!

Transaction en cours:

Nice move.

Trade fermée: cible de profit atteinte:

Target reached.

I'm Humbled!