Elliott Wave Analysis: GBPUSD Update

Gregor Horvat Wavetraders

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.

Author

Gregor Horvat

Wavetraders

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

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