Looking at the monthly chart, the probability of this GBP/USD (GU) pair adjusting higher to an untested supply zone and hitting the old downward trendline according to parallel price channels and Elliott waves is very high.
To continue rising, we must wait for GU to adjust to a new untested demand zone around 1.2-1.23 that I have covered in blue before continuing to buy up according to the arrows I have described, with the nearest target being the supply zone covered in red around 1.34-1.38. After that, it will continue to adjust back to the breakout zone around the price channel 1.29-1.31 before moving on to the next target around 1.4.
Since the demand zone is a large time frame, the number of pips is very large, so we need to move to the daily time frame to find untested demand zones nested within larger time frames to find safe entry points with short stop losses. We see two potential positions that I have covered in blue around 1.2-1.22. We will wait for Price Action to show clear signs of a reversal around this position and then we will enter the buy-up.
To have a small slippage when news comes out and the lowest spread as well as interbank exchanges with high liquidity and reputation, I suggest using the following 3 exchanges to trade this risky Forex market:
- ICMarkets of Australia https://bit.ly/ICX1284
- ThinkMarkets of Australia https://bit.ly/ThinkMarketX
- RoboForex of Australia https://bit.ly/RoboForexX
- FxPro of UK https://bit.ly/FxProW
Those who do not yet have the background knowledge of the Forex financial trading market should take a free course that I share here before starting this 95% losing investment profession.
Disclaimer & Risk Warning
- It cannot be guaranteed that the methods or technical indicators presented in this course will generate profits or that learners will not experience losses during trading.
- There is no guarantee that this method will be suitable for everyone or help them become a successful trader.
- The historical performance of any trading system or method is not a guarantee of its future results.
- Do not trade if you cannot afford to lose financially. The examples mentioned in this material are for educational purposes only.
- There is no solicitation to buy or sell here. The instructor is not responsible for your trading results.
- Financial trading is a very risky activity, we recommend that you seek advice from a financial professional before making any investment decisions.
If you are successful from my sharing and if you want to receive more benefits from it, you can Donate to me through the wallet:
- BSC: 0xBe4Bf11b0629734361f2cAC750e2c971dEBDD592
- TRC: TAUACf2kWC5mbGgwiz2rQiTR21s7cvw6Gd
(This donation will be allocated to charity for SOS Vietnam and ShareTheMeal of the World).
I wish you all success and a safe landing on the new horizon! Good luck, everyone!
