GBP/USD wave C bounce at 144 ema and 1.30 support

Chris Svorcik Elite CurrenSea

The GBP/USD completed the bearish wave C (pink) as indicated in yesterday’s analysis. Can the Cable make the bullish rally to complete wave 5 (purple)?

Price Charts and Technical Analysis

The GBP/USD made a bearish bounce as part of wave B (pink) and a bullish bounce at the end of wave C as expected. Usually speaking, the analysis focuses on a different currency pair or financial instrument each trading day. But today’s wave analysis is again on the GBP/USD to show how understanding wave patterns can help determine expected price swings and the potential bounce spots. Yesterday’s analysis helped identify the wave B and C (pink).

In today’s analysis, the main consideration is whether price is now in a wave 1-2 (pink) or in a complex WXY correction of wave 4 (purple). A wave 1-2 (pink) within wave 5 (purple) could see a bounce at support (green box) for an inverted head and shoulders pattern. Also a bullish breakout would confirm it. A break below the support zone (blue box) indicates either a complex correction in wave 4 with the 50% Fib (purple box) playing a key role or a reversal (red x).

The analysis has been done with the ecs.SWAT method and ebook.

Author

Chris Svorcik

Elite CurrenSea

Experience Chris Svorcik has co-founded Elite CurrenSea in 2014 together with Nenad Kerkez, aka Tarantula FX. Chris is a technical analyst, wave analyst, trader, writer, educator, webinar speaker, and seminar speaker of the financial markets.

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