The GBPUSD picture shows a downward bias, but we need to complete the ongoing upward trend first. A bullish wavestructure has been observed, but it is not yet finished.
Based on the wave count, we anticipate a Higher High above the current day's high before considering a strong short position.
For a long continuation trade, a good entry point would be around the 2DH (1.2395), which is the closest buy point. The stop loss level can be set at 1DH (1.2372), which also coincides nicely with the 0.618% retracement level from the high to the low.
Enjoy the trading!
Based on the wave count, we anticipate a Higher High above the current day's high before considering a strong short position.
For a long continuation trade, a good entry point would be around the 2DH (1.2395), which is the closest buy point. The stop loss level can be set at 1DH (1.2372), which also coincides nicely with the 0.618% retracement level from the high to the low.
Enjoy the trading!
