Elliott Wave Intraday Analysis on GBPUSD Shows 5 Waves Bullish Impulse
Elliott Wave view on GBPUSD suggests that rally from 10.4.2023 low takes the form of an impulsive structure. Up from 10.4.2023 low, wave (1) ended at 1.2828. Correction in wave (2) unfolded as an . Down from wave (1), wave A ended at 1.2519 and wave B ended at 1.2894. Down from there, wave C subdivided into 5 waves. Wave ((i)) ended at 1.2538 and wave ((ii)) ended at 1.2709. The 60 minutes chart below shows the move lower in wave C from wave ((ii)) high.
Pair then extended lower in wave ((iii)) towards 1.2405 and rally in wave ((iv)) ended at 1.2485. Final leg wave ((v)) ended at 1.23. This completed wave C of (2) of the expanded flat. The pair has turned higher in wave (3), and the rally shows a promising 5 waves impulse in short term. Up from wave (2), wave (i) ended at 1.236 and wave (ii) ended at 1.233. Wave (iii) higher ended at 1.2465 and wave (iv) pullback ended at 1.242. Expect wave (v) of ((i)) to complete soon. Pair should then pullback in wave ((ii)) to correct cycle from 4.22.2024 low before it resumes higher. Near term, as far as pivot at 1.23 low stays intact, expect pullback to find support in 3, 7, 11 swing for further upside.
GBPUSD 60 Minutes Elliott Wave Chart
GBPUSD Elliott Wave Video
Source:-forecast.com/news/elliott-wave-intraday-analysis-gbpusd-shows-5-waves-bullish-impulse/
Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients. ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.