Elliott Wave Analysis: GBPJPY and GBPUSD

Gregor Horvat Wavetraders

Good day traders! Let's take a good look at GBPUSD and GBPJPY, and how they both look similar.

GBPJPY made a new push higher, now a sharp leg into sub-wave v of 3 that can search for resistance near the Fibonacci ratio of 61.8 and near the upper channel line. Once wave 3 finds resistance, a new three-wave temporary correction may come in play, with potential support coming in at 145.19 level.

GBPJPY, 1H

GBPUSD also made a new sharp and strong leg higher, away from the 1.3150 region. We see this bounce as final wave 5, that can search for resistance near the Fibonacci ratio of 61.8. From there a new three-wave drop can come in play.

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.

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Author

Gregor Horvat

Wavetraders

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

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