GBPUSD ELLIOT CORRECTION WAVES

GBPUSD
Is forming a Elliot correction wave of A. And its already completed the Fifth wave
And its running in a rising channel which is clear sign of bullish trend

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Due to the corona virus spread in USA the USD is so weak in these days.This might continue in coming days

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Even though the USA government announced the stimulus package to help the Economy Its failed to support the USD against major pairs such us EUR,GBP,CHF,JPY,CAD

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We can open long position at the completion of minor wave A at 1.23250 which is also a 50% Fibonacci level

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Primary target would be 1.25300 which might be a place where the minor wave B expected to close. Which is also a 61.8% Fibonacci zone

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Stop lose may placed below the 1.22500 level

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Recently 100 EMA and 200 EMA is formed a golden cross in GBPUSD which will further confirming the bullish trend

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We can expect another Elliot impulse wave correction after this minor wave formations

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Leave your comments below

Transaction en cours:

Primary target was acheived with +95 pips