GBPUSD Eyeing Critical Break; Buy Favored

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

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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:

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Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.