Elliott Wave View: Further Weakness In GBP/USD Expected 

Technical analysis of Forex market

Short Term Elliott wave view in GBPUSD suggests the decline from June 7 high is unfolding as an impulse Elliott Wave structure. Down from 1.276, wave (i) ended at 1.265 with internal as an impulse in lesser degree. Wave (ii) bounce ended at 1.276 as a zigzag Elliott Wave structure. Pair has now reached 200% extension within wave (iii) showing a typical extension within wave 3 of an impulse. Wave i of (iii) ended at 1.266, wave ii of (iii) ended at 1.2708, wave iii of (iii) ended at 1.257, and wave iv of (iii) ended at 1.2606.

Short term, wave v of (iii) can be complete already at 1.251 low, but so far it still does not have enough separation from the low. If pair breaks below 1.251, it doesn’t change the idea that wave (iii) should complete soon. As the third wave shows an extension, this suggests that pair should see further downside at least 1 more leg after a wave (iv) rally. Thus we don’t like buying the pair and expect pair to find sellers in wave (iv) bounce in 3, 7, or 11 swing as far as pivot at 1.276 stays intact.

GBPUSD 1 Hour Elliott Wave Chart

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