The British Pound enjoyed a decent run towards the upside today against the US dollar, as the UK Consumer Price Index released by the National Statistics posted a rise of 0.1% in July 2015, compared to the same month a year ago. The GBPUSD pair climbed higher and almost cleared a major resistance area around 1.5670-1.5700. So, I think it is a good signal for us to look for a buy opportunity in the short term.
In order to enter a buy trade, we can look at the lower timeframes, and wait for a minor correction in three waves.
Technical Analysis
H4– Chart representing the GBPUSD breaking an important resistance area, and a wave duplication pattern.
Entry:
M15– We can wait for a minor correction in the GBPUSD pair in three waves down to enter a buy trade.
Target 1: 1.5800
Target 2: 1.5880
Stop Loss: Below the last low created before entering into a trade
Video Explanation:
