GBPUSD Elliott Wave Analysis: More Downside While Below 1.2318
GBPUSD is showing a 5 swing bearish sequence from 12/6 peak (1.277) which favors more downside. The decline from 12/6 peak is unfolding as a double three where wave W ended at 1.2198 and wave X ended at 1.2432. Internal of wave (Y) is unfolding as a double three where wave ((w)) ended at 1.2037 and wave ((x)) bounce is proposed complete at 1.2317. The pair has since broken below 1.2317, suggesting that the next leg lower in wave ((y)) of (Y) has already started. Near term, pair is correcting the cycle from 1/12 high before turning lower again. We don't like buying the proposed bounce and expect sellers to appear once wave (x) bounce is complete in 3, 7, or 11 swing, as far as pivot at 1.2318 stays intact.
GBPUSD 1 Hour
At Elliottwave-Forecast, we offer 24 hour coverage of 52 instruments from Monday - Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Check out our 14 day Trial to sample everything we have to offer.