GBP/USD-£/$ very much seems like it has finalized the Corrective Structure in Minor 4 (blue) and started right after that the Bullish Impulsive Waves relevant to Minor 5 (blue).
Minor 5 (blue) – Wave Analysis:
- Minuette (i) (black) unfolded as a Leading Diagonal, usually a great sign of strong and sustained continuation.
- Minuette (ii) (black) retracement was limited, which pretty much signals the Bullish confirmation.
- Minuette (iii) (black) shows an Extension in its Sub-Minuette waves (turquoise), reaching towards the previous tops, also the Right Shoulder of the Head & Shoulders Formation.
- Minuette (iv) (black) shows a deeper Pullback due to Law of Alternation with the limited retracement in Minuette (ii) (black).
Minuette (iv) (black) unfolded as a Zig-Zag Structure, within a Descending Channel, touching the 61.8% Fibonacci Retracement Levels of Minuette (iii) (black).
Minuette (v) (black) – Projections:
Due to the deeper Pullback seen in Minuette (iv) (black), there is a possibility that Minuette (v) (black) could have an Extension as well, possibly reaching 100% or even 150-161.8% Fibonacci Extensions of Minuettes (iii) & (iv) (black).
*If such extension would occur, then GBP/USD-£/$ would possibly aspire for 1.3200 and/or 1.3300.
The Descending Channel points out a Bullish Break-Out which is a typical sign that a Flag Formation might occur and it could be used for Bullish views on GBP/USD-£/$ on today’s FED Chair Yellen Testimony.
GBP/USD-£/$ – Bullish Minuette (v) (black) – BUY Position:
Entry– 1.2900
SL – 1.2840
Target – 1.3140
Many pips ahead!
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(July 18, 2017)Target Reached