GBPUSD correction still in progress

GBPUSD seems to be making another corrective leg higher. I like to see a consolidation after the bullish response of yesterday. Buying after a consolidation is what I like to do.
The confluence zone based on the sell off and wave A of this correction around psychological level 1.30 seems to be a nice target. But that's too soon to tell at the moment.

Updates will follow.

Commentaire:

Commentaire:

Guys I didn't like the structure of lesser degree and timing for the bullish continuation and missed the buy. We can't have it all apparently;-). So what am I looking for?

It is very possible that price is unfolding in the shape of a wave 1 of C. If that will be the case I will get another change to buy GBPUSD after a correction and maybe get an even better entry. However if price accelerates higher from here I need to let it go and reevaluate later.
On the other hand if price reverses sooner than what I project to be wave 5 I'm good as well. That's because I'm looking for the buy based on the bigger picture and basically am waiting for a significant correction.

Commentaire:

seems like we need another leg higher for wave 'v', however if we see a flag watch for sell.

Commentaire:

I stll expext a move above the origin of wave A. We saw a comparable bullish move before followed by a shallow retrace. I will therefore be looking for a bullish continuation to test at least the high of wave A.