GBP/USD Elliott Wave analysis points more upside ahead

Gregor Horvat Wavetraders

GBPUSD is turning higher after a nice five wave drops to 1.3569. We have seen a drop below April level for a short period of time which gives an impression that the market has bottomed, possibly even completed flat correction in a higher degree wave four.

However, the most important is the current intraday bullish impulse from the low which suggests more upside ahead, especially after a broken channel resistance line near 1.38.

GBP/USD 4h Elliott Wave analysis chart

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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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