Elliott Wave Analysis: GBPJPY and GBPUSD

Gregor Horvat Wavetraders

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

Disclosure: Please be informed that information we provide is NOT atrading recommendation or investment advice. All our work is for educational purposes only.

Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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