Pound vs. Dollar - Short Term Swing Trading Idea - 26 May 2022

GBPUSD in the past 12 days been in a strong uptrend after the big collapse. In the next couple of days, the cable needs to make a healthy 40% correction and find support over 1.2400 regions. Follow the price action in the next couple of hours and place stop-loss order above new swing highs.

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

- Price-action will be a strong signal in the next couple of hours
- By Elliot waves - it is a strong 5-wave impulse and needs a correction
- The MACD indicator in the next few days will start collapsing

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