GBPUSD uptrend scenario has proven
Just the price on GU had touched the first Fibo line, it bounced with a high volatility to the upside. It succeeded to break the previous peak, and that means we’re watching by now the forming of wave (5).
Now, as scenario has proven, I step away from the open trades. My short-term sell on cable closed @ 1.503, and the following buy was closed at 1.511. Possibly the current uptrend continues to 1.516-1.517 level.
The formed scenario gives us 3-wave pattern to the upside, but we can’t tell then for sure where exactly the price is going to head up at least until it breaks 1.52 level (as shown earlier at 1 Hour chart). Another sign of a bullish scenario may be the completing of the 5-wave pattern, but we may wait for it for some days.
Also, it’s risky to set sell order right now, as we still have no clear confirmation of the finishing of the uptrend.
The chart describing current situation is attached.
