As we continue down the never ending rabbit hole of Gwaves. We must pause and observe the effect it has on GBPUSD. As of now, it stays nestled above a key support level defined by the Gwave. However, a break and close below this level will send price to the next possible level of hesitation (the second highlighted level. A break below this level, in turn, will send price to its inevitable destination highlighted in green. The force behind this Gwave is strong. Don't miss it.
Current "playing field" for price. Look for price to respect these levels and the curvature of these levels. Both horizontally and vertically.
Best, Sirak Babayan
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So far, no sell has been signaled. Staying on the sideline for now.
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UPDATE: Price broke out and tested the Purple line of resistance. Look for this to move higher rather than lower.
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Update: GBPUSD stretching itself out. However, it was stopped just short of the Gwave Support and Resistance defined in my previous updates. This still has some legs under it.
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Update: The green target was hit. Although this was technically a trade that would stop you out, it is interesting (in my opinion) to see the market respect the Gwave levels.