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Long-term buying opportunity for GBP/USD pair

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.

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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.

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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.

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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.

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