GBPUSD can still be trading in a EW ending diagonal that is part of sub-wave 5) of one. A ending diagonal is a special type of pattern, that can once completed push price into a sharp reversal, and almost always towards the starting point of the pattern. That said, firstly let's wait for a top to be form, ideally around the 1.3110 area, and then once we get a break below the 1.302 level, that is when a three-wave reversal can be in progress.
Cable keeps moving higher, now very sharply and impulsively, so low must be in place for wave B which means more upside ahead. We are tracking big wave C up of a flat correction, so there is room for a move back to 1.3400 area this month. But like always, be aware of a pullback, ideally the next one will be lower into wave two down from around 1.3200/1.3200 area.
Get Your Trial
20 Days for $1
Pete, I don’t know how you’re doing it but your ability to pick the fall of last night/this morning is impressive. Just wanted to say keep up the good work and looking forward to the latest ASX200 video! Cheers, Daniel B. VIC
Hi Peter, I have to say I am really happy with the practical and grounded accuracy of your updates. With the deluge of data and emotions in trading online it's nice to have the safe haven of your insightful daily updates! Regards. Rod M. NSW
Hi Peter, I have been a TradingLounge Member for only a short time, but I would like to say that I am very happy with what you are doing. A couple of Forex trades that I've done in the past few weeks have put me nicely in front. Thank you. Alan C. QLD
Hi Pete, I HAVE CHANGED from a person with very little experience or knowledge of the stock market a few months ago to pretty much being taught the essence of the market by a market guru (you). I call you Grand Master Pete. Lee M. WA
I will encourage my mate to become a member because it has helped me heaps, with all the educational help from Pete as well as the daily service and the seminar. It's all great, where do I stop? Great service at a great price! Thanks again Jason N. VIC