I have reinstated my idea on GBPUSD with some minor changes. The structure is more clear now and slightly different than before. We can better define this complex correction and find good accurate entries and exits.
Wave (1) in Blue of Cycle degree completed late last year and since then we have begun a complex corrective sequence to the bearish side. This sequence will unfold in 7 or 11 waves as we decline. In the event of 11 waves we will have profits secured and stops at breakeven. I am projecting 7 waves due to movement of USDX in the next week.
Our entry is wide but be aware it can bounce anywhere in the zone. We should complete wave (2) Blue and begin our impulse wave up and see nice bullishness out of GU for the foreseeable future. USDX is projected to continue its decline as interest rates will eventually begin to fall as the FED loosens their policy. With falling interest rates the dollar will lose momentum and decline. This will allow the Pound and Euro to begin their bullish cycles.
We are looking to catch entry at the corrective extreme of wave (2) and ride the entire impulse wave up. Please manage risk and 1-2% margin per trade. Not financial advice