• 16 hours How The California Utility Crisis Could Have Been Avoided
  • 18 hours The Ugly Truth About Investing In Private Equity Deals
  • 1 day The World Is Facing A $1 Trillion Food Waste Crisis
  • 2 days Is It Time To Buy The Dip In Gold?
  • 2 days The History Of Oil Markets
  • 2 days Three Stocks To Watch Ahead Of Earnings Season
  • 3 days Markets Flat As Bulls And Bears Battle It Out
  • 3 days The Mining Industry Still Has a Human Rights Problem
  • 3 days 5 Billionaires Booted From Their Own Companies
  • 4 days Can Toyota's Hydrogen Car Take On Tesla?
  • 5 days Why Universal Basic Income Won't Work
  • 5 days Is This The Real Golden State?
  • 6 days Blockchain Firm Pushes For Ethical Mining
  • 6 days America’s Working Class Are Footing All The Bills
  • 7 days Market Volatility Sends Investors Scrambling Into This Asset Class
  • 7 days How Much Energy Would It Take To Power The Death Star?
  • 7 days A Tweet About Hong Kong Could Cost The NBA $4 Billion
  • 8 days World's Largest Miner Doubles Down On Renewables
  • 8 days Nasdaq Cracks Down On Small Chinese IPOs
  • 8 days Is There Any Reason To Be Bullish About Netflix?
Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

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

GBPUSD Elliott Wave Analysis: Another Leg Lower Expected

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. GBPUSD has since broken below wave (W) at 1.2198 which suggests that the next leg Wave (Y) has already started to the downside. Internal of wave (Y) is unfolding as a double three where wave W ended at 1.2104 and wave X bounce is in progress to correct cycle from 1/5 high (1.2432) before pair resumes lower again towards 1.172 - 1.185 area. We don't like buying the bounce and expect sellers to appear to push the pair to another low once wave X bounce is complete in 3, 7, or 11 swing. The first 3 swing inflection area of ((w))-((x))-((y)) is 1.223 - 1.225 for potential area where sellers can appear to push the pair to the downside.

GBPUSD 1 Hour

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

 


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.

 

Back to homepage

Leave a comment

Leave a comment