• 655 days Will The ECB Continue To Hike Rates?
  • 655 days Forbes: Aramco Remains Largest Company In The Middle East
  • 657 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,057 days Could Crypto Overtake Traditional Investment?
  • 1,062 days Americans Still Quitting Jobs At Record Pace
  • 1,064 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,067 days Is The Dollar Too Strong?
  • 1,067 days Big Tech Disappoints Investors on Earnings Calls
  • 1,068 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,070 days China Is Quietly Trying To Distance Itself From Russia
  • 1,070 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,074 days Crypto Investors Won Big In 2021
  • 1,074 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,075 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,077 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,078 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,081 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,082 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,082 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,084 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

Pound Continues To Lower Levels

GBPUSD fell sharply in the last two trading days which looks like a start of new impulsive leg lower. We labeled end of wave (2) at 1.5500 area so current sharp sell-off can be a start of wave (3). For final confirmation we still want to see a broken support line of downward channel which will open door for a move down to 1.4500 area seen in April. Only move back above 1.5500 level will put market in bullish mode.

GBPUSD, Daily

GBPUSD Elliott Wave Daily Chart

On the 4H chart, Pound fell sharply last week across the board, especially against the USD. We can see a new leg down that has an impulsive qualities so pair is expected to remain bearish as leg down from 1.5500 should unfold by five waves. Currently we see price in pullback that can be wave 4 which may look for a top at 1.5250 neckline and channel resistance zone. That said, we expect more weakness soon down towards 1.5000 psychological level, and then even to 1.4870.

GBPUSD, 4H

GBPUSD Elliott Wave 4-Hour Chart

 


If you like our trading analysis, you can visit our website at --> www.ew-forecast.com

 

Back to homepage

Leave a comment

Leave a comment