Cable long if the ascending triangle holds
Here comes something risky for the current price action - Long GBPUSD.
The pair has been range trading for a while, and there seems to be plenty of selling pressure. However, I think GBPUSD is currently in an upward long-term Elliott. The first impulse was very quick and over around 30 March at 1.246. Since then there was a higher high, but I think the pair is still in the corrective wave in shape of an ascending triangle (A-B-C-D-E). The current price action around 1.23 might be the point E which means that the corrective formation is about to be complete. If this materialises, then the expected price action is the commencement of a second impulse wave to the upside.
The pair has been range trading for a while, and there seems to be plenty of selling pressure. However, I think GBPUSD is currently in an upward long-term Elliott. The first impulse was very quick and over around 30 March at 1.246. Since then there was a higher high, but I think the pair is still in the corrective wave in shape of an ascending triangle (A-B-C-D-E). The current price action around 1.23 might be the point E which means that the corrective formation is about to be complete. If this materialises, then the expected price action is the commencement of a second impulse wave to the upside.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.