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Elliott Wave Analysis On GBPUSD And Silver

GBPUSD

BOE surprised markets with no rate cut so GBPUSD for a moment was trading sharply higher. Now we can count 5 waves from the lows, which means that a possible three wave correction may follow.

The support fort his correction could ideally be around 1.3104, around the formal wave iv.

GBPUSD, 1H

GBP/USD 1-Hour Chart


Silver

Silver is currently trading in a sidways price action, possibly in a triangle which could take place in sessions ahdea. If price trades above the upper triangle line, then the correction in wave 4) would be completed, and more upside would be in the cards.

Silver, 4H

Silver 4-Hour Chart

 


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