Elliott Wave Analysis: GBPJPY and GBPUSD
|Good day traders! Today's focus is on GBPUSD and GBPJPY.
GBPJPY is trading nicely bullish, however now in a corrective retracement of wave four. Ideally wave four will unfold only a three-wave move, before new gains may again show up. The support for the corrective wave four can be around the Fibonacci ratio of 23.6 and 38.2.
GBPJPY, 1H
GBPUSD made a new drop overnight, away from the 1.3350 region where bigger degree wave 3 had ended. This drop now represent sub-wave a as part of a three-wave retrecement within wave 4. Ideally once the remaining two sub-waves show up, a new rally higher into bigger wave 5 will come in play. The region of support for the corrective wave 4 is near the former wave four at the 1.316 level.
GBPUSD, 1H
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