Here we see an Elliott Wave count for GBPUSD. The market appears to be in a terminal wave at multiple degrees of trend. Once the minor 5 wave impulse higher completes (we appear to beginning iv now), then the market will be at risk of reversal. There are other wave relationships appearing in the 1.3450 price zone. I don't know if it will get that high, but a reaction is likely to happen there.
For more depth to the analysis, check out the article on DailyFX.com.
Good luck all.
For more depth to the analysis, check out the article on DailyFX.com.
Good luck all.
Note
Wave iii appears to be nearing an end. GBPUSD may dip towards 1.32 before one last run at 1.3450. This bullish wave sequence is mature...opportunities for shorts coming soon.Note
After that dip to 1.3150 and subsequent high near 1.37, the evidence points that a meaningful top is in place. Be on the lookout for generalized GBP weakness or USD strength over the coming months.
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Test your Elliott Wave readiness.
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
Free assessment + bonus training videos customized to your score:
qwiz.seethewaves.com/ewreadiness/p/tv1
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.