Yes, GBP is overextended on the bullish front, and yes a retrace is the logical expectation. Fundamentals will kill the technicals however and last week's Commitment of Traders data revealed that Institutions closed 9k short positions and opened 2k more long positions. Weis Waves continue to be bullish from H1 to D1 and the price remains well over the 200 period WMAs from H1 to D1
Wait for the price to breach market structure where we see a lot of consolidation on H1/H4 then enter your buy. Expect price to grow to the next resistance line
Wait for the price to breach market structure where we see a lot of consolidation on H1/H4 then enter your buy. Expect price to grow to the next resistance line