Pound Sterling Price News and Forecast: GBP/USD blue box reaction
|Elliott Wave in action: GBP/USD blue box reaction
In this technical blog, we will look at the past performance of the Daily Elliott Wave Charts of GBPUSD. In which, the rally from 13 January 2025 low is unfolded as impulse sequence & showed a higher high sequence therefore, called for an extension higher to take place. We knew that the structure in GBPUSD should remain supported & extend higher. So, we advised members not to sell the pair & buy the dips in 3, 7, or 11 swings at the blue box areas.
Here’s the Daily Elliott wave Chart from the 11.01.2025 Weekend update. In which, the rally to $1.3789 high completed wave (3) & made a pullback in wave (4). The internals of that pullback unfolded as Elliott wave double three correction where wave W ended at $1.3142 low. A rally to $1.3726 high-ended wave X bounce. Then started the next leg lower in wave Y towards $1.3082- $1.2683 blue box area. Read more...
GBP/USD outlook: Cable – bulls hold grip ahead of key US data
Cable jumped above 1.3400 mark on Tuesday morning after better than expected December Manufacturing and Services PMIs (preliminary) offset weak numbers from labor report.
Sterling maintains firm tone and holding just under new high in almost two months, ahead of key economic event of the day – releases of combined (Oct/Nov) US labor report, Oct retail sales and Dec preliminary PMIs. Read more...
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