GBPUSD – Bullish Outside Month to limit selling
Monthly: For the last eight months we have seen spikes in both directions highlighting indecision. January posted a DeMark Perfected 9 count, indicating that we should see a correction to the upside. Price cation formed a Bullish Outside Month, often an indication that the bearish trend has come to an end.
Weekly: A 5-wave pattern was completed at 1.4377 (Elliott Wave). Levels close to the 78.6% pullback of 1.2449 (from 1.1905 – 1.4377) found buyers. Price action has posted a bullish Outside Week, often an indication that the move lower has come to an end.
Daily: Possibly forming a bullish reverse Head and Shoulders pattern. Channel support is located at 1.2764. Bespoke support, at 1.2767. If this formation plays out the measured move target is 1.4050