GBP/USD Analysis Using Elliott Wave
Current Market Structure & Elliott Wave Count
Wave 3 Completed near 1.3020 (Key Resistance)
Wave 4 Correction in Progress targeting 1.2880 - 1.2850
Potential Wave 5 Extension toward 1.3100+
Trading Strategy & Execution Plan
Bullish Scenario (Wave 4 Completion & Wave 5 Start)
📌 Long Entry:
Buy at: 1.2880 - 1.2850
Stop Loss (SL): 1.2820
Take Profit (TP1): 1.2960
Take Profit (TP2): 1.3020
Take Profit (TP3): 1.3100
🎯 Probability: 72% (If price finds support above 1.2850)
Bearish Scenario (Wave 4 Deeper Correction or Reversal)
📌 Short Entry:
Sell at: 1.3020 - 1.3040 (Wave 3 High Rejection)
Stop Loss (SL): 1.3080 (Above Wave 5 Expected Move)
Take Profit (TP1): 1.2960
Take Profit (TP2): 1.2880
Take Profit (TP3): 1.2780
🎯 Probability: 67% (If price rejects 1.3020 resistance)
Final Thoughts & Risk Management
✅ Bias: Bullish above 1.2850, Bearish below 1.2780
✅ Risk/Reward Ratio: 1:3 for Both Scenarios
✅ Volatility Factor: Watch USD Strength & GBP News Impact
Current Market Structure & Elliott Wave Count
Wave 3 Completed near 1.3020 (Key Resistance)
Wave 4 Correction in Progress targeting 1.2880 - 1.2850
Potential Wave 5 Extension toward 1.3100+
Trading Strategy & Execution Plan
Bullish Scenario (Wave 4 Completion & Wave 5 Start)
📌 Long Entry:
Buy at: 1.2880 - 1.2850
Stop Loss (SL): 1.2820
Take Profit (TP1): 1.2960
Take Profit (TP2): 1.3020
Take Profit (TP3): 1.3100
🎯 Probability: 72% (If price finds support above 1.2850)
Bearish Scenario (Wave 4 Deeper Correction or Reversal)
📌 Short Entry:
Sell at: 1.3020 - 1.3040 (Wave 3 High Rejection)
Stop Loss (SL): 1.3080 (Above Wave 5 Expected Move)
Take Profit (TP1): 1.2960
Take Profit (TP2): 1.2880
Take Profit (TP3): 1.2780
🎯 Probability: 67% (If price rejects 1.3020 resistance)
Final Thoughts & Risk Management
✅ Bias: Bullish above 1.2850, Bearish below 1.2780
✅ Risk/Reward Ratio: 1:3 for Both Scenarios
✅ Volatility Factor: Watch USD Strength & GBP News Impact
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.
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.