Elliott Wave Analysis: GBPUSD And Crude OIL
Cable moved sharply higher today, straight up to 1.2700 which looks like a wave 3 of an impulsive structure. Pair is trading close to 261.8%, so we need to be aware of a short-term corrective set-back down into wave 4 in the near-term. Invalidation level is now at 1.2526; as long it holds trend is up.
Crude oil is trading sharply higher, now breaking above one important channel line which may suggest that energy is in the middle of a big wave three. However, on hourly chart below we see small five waves up from 45.00 area so it may be a time for a short-term pullback; ideally back in wave 2 that will either look for a support at that broken trendline or at 49.14 level. Technically speaking, oil is in bullish mode at this stage, but trend would be changed again if price would go back below $48 per barrel.
Crude OIL, 1h