Quick update on the GBPUSD buy trade from this morning and what I'm watching for next.
Trade Closed: +50 Pips
Entry: 1.3253
Close: 1.3308
Result: +50 pips
Price delivered exactly the rally we anticipated based on this morning's entry. Clean execution, clean result.
Wave Count Update — M5:
Using the 5-minute chart to count the waves, the Wave Structure 2-3 is now complete on this timeframe. What to expect from here:
A structural pullback into the Fibonacci Buy Zone
A minimum of two bearish breaks before bullish conviction returns
Followed by a structural pullback — respect the price behaviour, don't rush back in
On the M5, this process could take anywhere from 5 to 6 hours or longer
There is strong potential for bullish continuation in GBPUSD, but as always, let price confirm before committing. Respect what the market is telling you.
Next Play:
I'll be revisiting GBPUSD tomorrow for the London Session open. Stay tuned.
