This is a follow up on the article: GBPUSD Could Recover Back Above 1.5000 GBPUSD is in a sharp uptrend in the past two days, which was expected from a technical point of view after five waves down in red wave 5) of (3) followed by a broken trend-line.
Well, the current rally has an impulsive structure which means that the leg is part of a larger recovery which will probably prove corrective as we are tracking a blue wave (4) pull-back.
Anyhow, even if a recovery will be corrective, we still need three waves up, labeled as A-B-C zig-zag formation, because we know that corrections are always structured with a minimum three legs.
Therefore, be aware of more upside after wave B pull-back, while market is trading above 1.4830 low. If we are correct, then pair could retrace even up to 1.5300.
Sentiment table
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Current Trend/Sentiment |
Directional Bias |
Strategy |
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Up |
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03/15 Traders could be looking for longs within a three wave rise while 1.5830 holds. |
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