GBPUSD 4H Wave Analysis

GBP News will dominate this Week!
Expect a lot of volatility due to political decisions.

• Price broke out after moving sideways for over one month (wave 4)
  
• The frist impulsive move was 5-waved labelled as orange wave (i)
  
• We then got an extended wave 3 which touched to lower side of resistance.
  
• Also RSI and stochastic market massively overbought which is typical for wave 3
  
  
  
• Currently market is correcting for wave 4 before the last push to the upside happens
  
• we then should get a Wave 5 accompanied with RSI divergence, with an high around 1.32500-1.33000
  
  
• This probably lines up with Brexit UK News and sends the market down for a bigger correction.
  

Be extra careful, everything can happen anytime and especially on that kind of events.


This is for educational purpose only. No Investment advice. Trade with demo account before risking your own money.