GBPUSD Expecting a retracement

6 Tem 2016

On a higher time frame, sterling hit the 23.6% FIB level (red horizontal line) at 1.28500. It tested once, bounced, and then came back and was supported again in that area. I projected a FIB expecting a 5 wave pattern here. I'm expecting the 5th wave to end around 1.32399, and then fall back down to 1.255 levels before the real correction comes into play. I added on my position at the 78.6% FIB to go long.

7 Tem 2016

Not

small dip, but found solid support. still holding...

7 Tem 2016

Not

Moving up nicely now.

7 Tem 2016

Not

Stop is at 1.28536. Still in play. Target may be adjusted to the 38.2% at 1.31551. Still tentative.