Elliottwave Analysis: GBPUSD, Long at spot

Yue Wang LinoCapital

GBPUSD reached year-to-date new low at 1.3204.

According to my system, still have no buy signal yet.

However, Pound futures already reached long term control point at 1.3211.

Price also closed above a small wedge like base.

I suspect some USD selling pressure during the month-end rebalancing.

Go long against 1.3204 looks limited risk for now.

Will look to add long positions if price close above the upper band.

If the uptrend could resume, ideally no touch 1.3230 today.

GBPUSD Trade Idea: (spot 1.3285)

Buy @ Market SL @ 1.3200 Take Profit @ 1.3507

Intraday Trade Idea:

Buy Limit @ 1.3257 SL 1.3200 Take Profit @ 1.3352

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Author

Yue Wang

LinoCapital

Master's Degree in Hepatobiliary Surgery. 

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