GBPUSD In A Three-wave Recovery – Elliott wave analysis
Hello traders,
GBPUSD is trading in a three-wave A-B-C move, up from 1.1409 level, where the latest recovery from 1.248 level can belong to a leg C of X). Leg C is an impulse, therefore a clear price structure may be seen, targeting the 1.32/1.33 level in days ahead.
GBPUSD, daily
On the 4h chart of GBPUSD, we have a better view of the structure taking place within a higher degree wave C, up from 1.248 level. We are observing a five-wave recovery, where the price is currently ending a sub-wave 5) of three at 1.295/1.3 level, where Fib. The ratio of 261.8 and the upper channel line can provide resistance. That said, once price starts to breach below the lower channel line, that is when a pullback as wave 4 may start forming and look for support at 1.283/1.276 level.
GBPUSD, 4h
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