Elliott Wave Analysis On GBPUSD And GOLD
GBPUSD found some support at 1.4050 today where pair might finally completed a five wave decline in wave 1. If that's the case then we know that corrective rally is now underway in wave 2 which will usually make a retracement for at least 38.2% compared to 1. This Fibo level comes in near 1.4227, at wave four of a lesser degree, so it can be very interesting reversal zone.
GOLD is moving down as USD turned up. On precious metal we see wave C) in play towards 1200 psychological level or maybe even to 1190 swing low support from Feb 15th. We know that wave C) is motive wave so we need five waves down from 1270 before we may turn bullish again. That's not the case yet so we assume that current slow price move above 1210 is going to be corrective wave 4 within downtrend. Ideally metal will form a bullish reversal next week.
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