GBP/USD flat correction can reach another blue box area [Video]
Short-term Elliott Wave view in GBPUSD suggests that a decline to $1.3160 low ended the cycle from October 20, 2021 peak in wave (A). Up from there, the pair is correcting that cycle in wave (B) bounce. The internals of that bounce is unfolding as Elliott wave flat correction with the sub-division of 3-3-5 structure before downtrend resume again. While the initial bounce in wave A unfolded as a lesser degree zigzag structure. Whereas the initial bounce to $1.3283 high ended wave ((a)). Wave ((b)) ended at $1.3169 low and wave ((c)) ended at $1.3375 high. Read more...
GBP/USD Forecast: Pound could stage a correction before the next leg higher
GBP/USD has preserved its bullish momentum and reached its highest level since late November at 1.3388 early Thursday. Easing concerns over tighter Omicron-related restrictions in the UK and some positive Brexit headlines help the British pound attract investors but the technical picture suggests that there could be a correction before the pair can extend its rally.
Late Wednesday, the findings of a recently conducted study in Scotland and England showed that the Omicron variant was sending fewer people to hospitals than the Delta variant. Earlier in the week, investors were worried that the UK could introduce new measures to slow the spread of the virus after the Christmas holiday but this report seems to be changing that view. Read more...
GBP/USD jumps to one-month high, 1.3400 mark back in sight ahead of US data
The GBP/USD pair broke out of its intraday consolidative trading range and shot to a near one-month high, around the 1.3385 region during the early part of the European session.
The pair prolonged this week's solid rebound from the vicinity of the YTD low, around the 1.3175 region and gained strong follow-through traction for the third successive day on Thursday. The latest optimism was led by reports that current vaccines may be more effective in fighting the new variant than first thought. This helped offset worries about surging COVID-19 cases in the UK and was seen as a key factor providing a tailwind for the British pound. Read more...
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