GBPUSD Analysis by WAVE FX Academy (DETAILED MULTI-TIMEFRAME)
Updated
Hi Traders, here is my analysis for GBP/USD
Technical Analysis:
Monthly timeframe showing the market created a double bottom(W pattern) followed by bullish impulse candle. Generally once we have this type of market structure, price action generally revisits the neckline of the structure.
From a weekly perspective we are seeing price in a key resistance level, where we had a strong sell off on the last time we were here. However based on the higher timeframe, we can expect either 1 of 2 things; a small retracement into weekly support or a break out of the resistance zone and continuation higher.
A closer look on the daily timeframe shows where the market has met the requirements to create an active uptrend by creating 3 consecutive higher highs.
Applying the principles of Elliot Wave, we can break down this price action further, to indicate that we are in the corrective subwave or the 3rd wave extension from a daily perspective. Using this information, we are finding confluence with the monthly timeframe of bullish continuation. Therefore we can start looking for entries to capitalize on this move.
I've labeled the areas based on what I will be anticipating.
Like and Comment your thoughts . All feedbacks are welcomed.
An entry will be taken only if all rules of my strategy are satisfied.
Add this pair to your watchlist and see if the rules of your strategy provides an entry.
Technical Analysis:
Monthly timeframe showing the market created a double bottom(W pattern) followed by bullish impulse candle. Generally once we have this type of market structure, price action generally revisits the neckline of the structure.
From a weekly perspective we are seeing price in a key resistance level, where we had a strong sell off on the last time we were here. However based on the higher timeframe, we can expect either 1 of 2 things; a small retracement into weekly support or a break out of the resistance zone and continuation higher.
A closer look on the daily timeframe shows where the market has met the requirements to create an active uptrend by creating 3 consecutive higher highs.
Applying the principles of Elliot Wave, we can break down this price action further, to indicate that we are in the corrective subwave or the 3rd wave extension from a daily perspective. Using this information, we are finding confluence with the monthly timeframe of bullish continuation. Therefore we can start looking for entries to capitalize on this move.
I've labeled the areas based on what I will be anticipating.
Like and Comment your thoughts . All feedbacks are welcomed.
An entry will be taken only if all rules of my strategy are satisfied.
Add this pair to your watchlist and see if the rules of your strategy provides an entry.
Note
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