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...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD clings to strong daily gains, stays below 1.0700

EUR/USD has gone into a consolidation phase after having climbed to its highest level in nearly a month at 1.0687 in the European session. ECB President Lagarde's hawkish comments and the broad-based selling pressure surrounding the dollar fueled the pair's rally at the beginning of the week.
GBP/USD retreats modestly after testing 1.2600

GBP/USD has edged slightly lower after having tested 1.2600 in the European session. With the dollar facing heavy selling pressure in the risk-positive market environment, however, the pair clings to strong daily gains ahead of BOE Governor Bailey's speech.
Gold climbs to two-week high at $1,865 amid weaker USD

Gold capitalizes on the improving market mood and the weakening dollar on Monday, trading at its highest level in two weeks above $1,860. The benchmark 10-year US Treasury bond yield is up more than 1%, limiting XAU/USD's upside for the time being.
Cardano whales enter buying spree before the Vasil hard fork

Cardano price is showing an interesting set up as it struggles to make a move above a crucial support level. A rejection could lead to a buying opportunity for patient investors before ADA explodes.
Week Ahead on Wall Street: Options expiry to the rescue on Friday but its official, we are in a bear market

Another wild and volatile week which seems to be the tone so far for 2022. Wild swings throughout the week were mirrored on Friday with wild intraday swings. The S&P 500 did manage to slide into a bear market territory on Friday.