• 3 hours U.S. Moves To Bar Iranians From Investor Visas
  • 1 day Why Germany Is Going To War With Gold
  • 2 days Gold Is Still Cheap Compared To Stocks
  • 3 days Are Cryptocurrencies Funding Terrorism?
  • 3 days Promising Oil Companies To Watch In 2020
  • 4 days Could China's Coronavirus Outbreak Impact U.S. Stocks?
  • 4 days Tesla Stock Continues To Soar
  • 5 days What New Economic Data Reveals About Gold's Trajectory
  • 6 days The Lucrative New Tech Hijacking Your Privacy
  • 6 days The Biggest Loser In The China-U.S. Tariff Tit-For-Tat
  • 7 days Trade War Takes Its Toll On Shipping
  • 9 days Is $90 Oil Possible? An Interview With Jay Park
  • 10 days Billions Of Dollars Are Flooding Into The Flying Taxi Space
  • 10 days Is This The Most Important Energy Project Of 2020?
  • 11 days Startups Are Dying To Give You A Better Death
  • 11 days U.S. Restaurants Are Struggling With Rising Labor Costs
  • 12 days The Banking Bonanza Is Just Getting Started
  • 12 days How The Trade War Ceasefire Will Impact The Energy Industry
  • 13 days Who Is The Most Dangerous Person On The Internet?
  • 13 days SoftBank Sees First Quarterly Loss In 14 Years
Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

Elliottwave-Forecast

Elliottwave-Forecast

Elliottwave-Forecast

Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to…

Contact Author

  1. Home
  2. Markets
  3. Other

GBP/USD Short-Term Elliott Wave Analysis

Decline to 1.5169 completed wave ((X)). Rally from this level is unfolding in a triple correction ((w))-((x))-((y))-((z)) where wave ((w)) ended at 1.544, wave ((x)) ended at 1.5189, wave ((y)) ended at 1.5554, and second wave ((x)) ended at 1.5419. From second wave ((x)) low at 1.5419, the pair rallies in wave ((z)) as a double correction (w)-(x)-(y) where wave (w) ended at 1.5598, wave (x) ended at 1.5484, and wave (y) is in progress towards 1.5689 - 1.5754 area to complete wave W.

Expect some profit taking from 1.5689 - 1.5754 area and the pair to pullback in wave X in 3, 7, or 11 swing to correct the cycle from 6/1/2015 low at 1.5169 before it is ready to resume higher again. We don't like selling the proposed pullback in wave X. As far as 1.5169 pivot stays intact during the pullback, expect the pair to resume rally to new high or at least bounce in 3 waves per Elliott Wave hedging idea.

GBP/USD Short-Term Elliott Wave Analysis Chart
Larger Image

 


If you would like to have an access of EWF analysis in real time, click here and feel free to join us. We provide Elliott Wave charts in 4 different time frames, 2 live webinars by our expert analysts every day, 24 hour chat room support, market overview, daily and weekly technical videos and much more.

 

Back to homepage

Leave a comment

Leave a comment