Elliott Wave Analysis: GBPUSD Showing First Signs Of A Completed Correction; More Gains In View

Gregor Horvat Wavetraders

GBPUSD has made five waves up from January low which we see it as an impulsive wave up in wave 1, followed by a recent corrective move that we see it as a double zig-zag pattern in wave 2. At the moment we see price trading higher, around the 1.2494 level, out of a probable minor triangle correction, which was found in wave Y). If that is the case and price really did unfold a triangle correction, then we can expect more strength to follow on the pair. That said, but if price continues to drop from current levels, then we could be trading within a more complex blue wave 2.

GBPUSD, 4H

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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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