Good day traders! Today we are going to take a better look at GBPUSD price structure.
GBPUSD is trading bullish since end of August and is displaying an impulsive structure. We see current price action trading at the end of wave 3, that is now touching some significant turning point zones. We are talking about Fibonacci ratio of 261.8, where wave 3 can end and a new three-wave move lower into wave 4 can come in play. Support for the following wave 4 can later be around the former wave iv at the 1.3159 level.
GBPUSD, 1H
