Elliott Wave Analysis On GBPUSD And GOLD
Traders, pound is one of the strongest today, moving also up against the USD today. We have been tracking a bearish pullback since start of the week, but now wondering if bullish turn is here after that recent bounce to 1.3200. For now it may be too soon to confirm a reversal but a new leg up in the next couple of hours would then make rally from 1.3066 in five waves, which in EW terms means a turning point!
Gold is at a new low as expected following recent development in wave B) which was a triangle. We see current price down moving as an impulse, so it's wave C) but probably final leg of a deep corrective retracement which is in seven legs. It's a contra-trend structure that can see limited downside, ideally at 1300-1310 area. However, any bullish reversal can be confirmed only if price will bounce from our yellow box in five waves.
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