Trading plan for GBP/USD for September 30, 2019

Technical outlook:

The GBP/USD pair might have formed a meaningful bottom around 1.1950 levels earlier, or may print yet another low (the less likely scenario). The subsequent rally towards 1.2575 levels was an impulse labelled as 1 which has been followed by a 3-wave corrective drop a-b-c as seen above. Furthermore, the pair is seen to have retraced 50% of its previous rally as high as 1.2275. A push towards 1.2375 levels from here would confirm that wave 2 is in place and that GBP/USD is into its 3rd wave higher. So, please bear in mind that another low towards 1.2100/10 levels remains possible and it would be an ideal price to re-enter buying. Resistance is seen at 1.2500 while interim support comes in at the fibonacci 0.618 at 1.2100 respectively.

Trading plan:

Long 50% capacity now and remaining at 1.2100, stop below 1.1950, a target is open.

Good luck!

The material has been provided by InstaForex Company –

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Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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