GBP/USD looks for a correction: Elliott Wave analysis

Gregor Horvat Wavetraders

GBPUSD was even higher last week after a break above the channel resistance line on the daily chart, so we believe that the pound has bottomed at 1.3130 area, and that we are going to see more upside after any corrective retracement.

Price has an extended structure in the middle, so it's worth being patient and waiting on pullbacks if you want to participate within an uptrend. Ideally the fourth wave is now in play with wave 4) support at 1.3590 followed by 1.3500 area, from where uptrend may resume when looking at the 4h time frame.

GBP/USD 4h Elliott Wave analysis

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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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