Our main strategy followed in the previous week is being tested today. In GBPUSD: Bullish Rally Must Start Soon! we discussed a potential swing long trade and due to the fact that we were on the money for nearly 800pips, we adjusted our stop-loss (read the above post).
Now, GBPUSD has nearly erased previous week’s gains making us doubt that this wave 4 might be a Triangle.
We are long at 1.4130 with an adjusted stop at 1.4090. If that stop is hit than we confirm the Triangular Wave 4 and expect prices to make new lows.
Read the General GBPUSD Forecast for the medium-term: GBP/USD: General Forecast