GBPUSD Flat to upside?
I see that GBPUSD has been in quite a strong uptrend for some time now and has began correcting.
I have labelled the correction as a followed by a flat. It does have the potential to become a more complex correction,
however, it is looking upside regardless if it continues correcting or resumes the uptrend.
I have drawn out how I see the flat to have formed.
I see the fifth wave coming to an end with an . The grey area I highlighted is the 61.8 zone it may continue to crawl to.
I don’t see it falling below that zone so stops could be quite tight and you could take this trade as an X wave which could be cut short, or as a Trend Continuation which would be much more favorable.
If this does fall into the grey zone then it would provide the opportunity of a very good risk to reward trade.
I tend not to post flats or triangles as I still need to get comfortable and learn them fully, so this post will be interesting to see how it turns out.
Any advice is greatly appreciated,