GBPUSD and GOLD Intraday: Elliott Wave Analysis
GBPUSD is trying to recover from earlier losses to 1.5864 which was probably wave (v) low and not wave (iii). The reason is a sharp bounce now above 1.5960 that invalidated our previous interpretation, so looks like there was a triangle placed in fourth wave. New count now shows a five wave decline from 1.6180 which means that despite sharp rally in price the pair is still bearish and that current bounce will be just another but probably a bigger correction. However, 1.6180 is invalidation level, as long this one holds we will look for more weakness.
GBPUSD 1h Elliott Wave Analysis
Gold fell to 1137 and touched our 261.8% Fibonacci extension level of fourth wave where current wave (v) can be looking for a support. However, keep in mind that calling a top or bottom in any market is very difficult, so before you want to look for any reversal wait on the proper price action. In our case a reversal from the low would be confirmed only if market will rally in five waves back above 1161.
GOLD 1h Elliott Wave Analysis
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