Pound vs. Dollar - Short Term Swing Trading Idea - 2 June 2022

GBPUSD in the past week corrected almost 200 pips. Check connected trading idea from 26-May. Note that probably the cable won't reach the support zone of 1.2380-1.2400 and from here a test of SMA 200 will build a strong impulse upward. Duration of trading idea is 1 week.

What is the supported thesis technically for the expected scenario on GBPUSD?

- Price-action will form in the next couple of hours - strong engulfing
- By Elliot waves, A-B-C is finished and tested on SMA 200
- The RSI indicator is below 30-level and soon will start moving up

If you have any questions related to this trading idea I will be happy to provide you with answers.