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Elliott Forecast

Daud Bhatti

GBPUSD Short Term Elliott Wave Structure Suggests Further Upside

November 15, 2023 By

GBPUSD shows a 5 swing sequence from 10.4.2023 low favoring further upside. The rally from 10.4.2023 low takes the form of a or a double zigzag. Up from 10.4.2023 low, wave W ended at 1.24.28 and dips in wave X ended at 1.2186. Internal subdivision of wave X unfolded as a zigzag Elliott Wave structure. Down from wave W, wave ((a)) ended at 1.224 and wave ((b)) ended at 1.2309. Wave ((c)) lower ended at 1.2187 which completed wave X.

Pair has since turned higher in wave Y. Internal subdivision of wave Y is unfolding as another zigzag structure. Up from wave X, wave (i) ended at 1.2308 and wave (ii) pullback ended at 1.2275. Wave (iii) higher ended at 1.2506, and wave (iv) ended at 1.2478. Expect pair to extend higher in wave (v) to end wave ((a)). Afterwards, it should pullback in wave ((b)) to correct cycle from 11.10.2023 low before the rally resumes. Near term, as far as pivot at 1.2187 low stays intact, expect dips to find support in 3, 7, 11 swing for further upside. Potential target higher is 100% – 161.8% Fibonacci extension of wave W. This area comes at 1.257 – 1.282.

GBPUSD 60 Minutes Elliott Wave Chart

GBPUSD Elliott Wave Video

Source:-forecast.com/news/gbpusd-short-term-elliott-wave-structure-suggests-upside/

15/11/2023 1 EN

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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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Daud Bhatti

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