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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

GBPUSD 1-Hour Elliott Wave Analysis Chart

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

GOLD 1-Hour Elliott Wave Analysis Chart

 


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