? Bullish GBP/USD Aims at 1.2440 on Critical NFP Day ?

2 min read

Hi traders,

the GBP/USD is in a bullish vibe after breaking the resistance trend line (dotted red) earlier this week. Can the bulls push the price higher during today’s Non Farm Payroll (NFP) event in the US?


4 hour

The GBP/USD is moving higher within a bullish wave C (orange) pattern. Although the NFP can through price into both directions, the current wave analysis favors a bullish continuation towards the Fibonacci targets of wave C vs A. The main target for the moment is 1.2435-40 around the 161.8% Fibonacci target.

1 hour

The GBP/USD bullish price action on the daily and 4 hour chart created a strong bullish breakout yesterday above the resistance zone (dotted red). The strong momentum could be a wave 3 (dark red) as long as price stays above the top of wave 1 (dark red). A bullish breakout above the resistance trend line (red) could indicate a continuation of wave 5 (dark) within wave C (orange) towards the Fibonacci targets. A bearish bounce at could occur with the completion of potential wave C (orange).

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Good trading,
Chris Svorcik
Elite CurrenSea

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