GBPUSD has ended cycle from 21 Dec 20 with wave (w) in purple at 1.424 on 24 Feb 21. The pair is proposed to be correcting the cycle in 7 swing wxy where y in white is expected to end around 1.355 - 1.326. This is the area where we expect to see buyers, or at least see 3 waves bounce higher. From 24 Feb 21 GBPUSD traded lower in what appears to be 3 waves that completed w in white on 05 March 21 at 1.377 before we saw 3 waves bouce that ended wave x in white at 1.400 on 18 March 21. Since then the pair has been trading lower getiing closer to 1.355 - 1.326 target. We prefer buying GBPUSD at the Bluebox area with our Stop loss below 1.618 fib extension of wx in white.
Comments