Elliott Wave Analysis: GBPUSD Update
|GBPUSD can be trading at the start of a three-wave recovery, which we see it as bigger degree wave two. Ideally a five-wave decline had fully unfolded within the previous blue wave one, and now a three-wave temporary rise may follow on the pair. Possible resistance for the upcoming wave ii can be around the Fibonacci ratio of 61.8 and near the former swing high of wave iv) at 1.3228 level.
GBPUSD, 1H
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.