The pound has been showing overbought signals on the smaller timeframes in seceral pairs which made me reluctant to get long on this pair in this trade. But the daily chart confirmed a bullish signal over a week ago and has bullish divergence on the RSI, and a nice wave count showing a major bearish move is complete. I still want to be cautious on this big trade though, so I'm only going half long:
Half long at 1.8318
Stop loss at 1.8000
Profit target at 1.8700
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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.
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