Short term Elliott Wave View in GBPUSD suggests that the cycle from 11.4.2022 low is unfolding as a zigzag Elliott Wave structure. Up from 11.4.2022 low, wave ((a)) ended at 1.2029. Pullback in wave ((b)) unfolded as a zigzag structure in lesser degree. Down from wave ((a)), wave (a) ended at 1.1789 and rally in wave (b) ended at 1.1958. Wave (c) lower ended at 1.176 which completed wave ((b)). Wave ((c)) higher is currently in progress as a 5 waves impulse structure.
Up from wave ((b)), wave i ended at 1.1951 and dips in wave ii ended at 1.1776. Pair extends higher in wave iii towards 1.2154. Expect pair to pullback in wave iv then rally again in wave v to end larger degree wave (i). Afterwards, it should pullback in wave (ii) to correct cycle from 11.17.2022 low before the rally resumes in wave (iii). Near term, as far as 11.17.2022 pivot at 1.1761 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside. Potential target higher is 100% – 161.8% Fibonacci extension from 11.4.2022 low which comes at 1.264 – 1.318 area.
GBP/USD 60 minutes Elliott Wave chart
GBP/USD Elliott Wave video
FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.