Report
Eric Morera

Elliott Wave View: GBPUSD is Approaching Support Zone

Short Term Elliott Wave View in GBPUSD suggests decline from 9.26.2024 high is in progress as a zigzag structure. Down from 9.26.2024 high, wave A ended at 1.284. Wave B bounce ended at 1.3047 as the 1 hour chart below shows. Wave C lower is now in progress with internal subdivision as a 5 waves impulse Elliott Wave structure. Down from wave B, wave ((i)) ended at 1.283 and wave ((ii)) ended at 1.3. Pair then resumed lower in wave ((iii)). Down from wave ((ii)), wave (i) ended at 1.294 and rally in wave (ii) ended at 1.3.

Pair resumed lower in wave (iii) towards 1.2627 and wave (iv) rally ended at 1.272. Wave (v) lower ended at 1.2594 which completed wave ((iii)) in higher degree. Rally in wave ((iv)) unfolded as a zigzag structure. Up from wave ((iii)), wave (a) ended at 1.2689 and pullback in wave (b) ended at 1.261. Wave (c) higher ended at 1.2715 which completed wave ((iv)) in higher degree. Wave ((v)) of C lower is now in progress with potential target 100% – 161.8% of wave A. This area comes at 1.208 – 1.245 where buyers can appear for 3 waves rally at least.

GBPUSD 60 Minutes Elliott Wave Chart

GBPUSD Elliott Wave Video
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Source:-forecast.com/news/elliott-wave-view-gbpusd-approaching-support-zone/
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Elliott Forecast

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. 

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Eric Morera

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