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Elliott Wave Analysis: GBPUSD and EURUSD

Good day traders for the US session charting!

We see USD down sharply against GBP after Brexit speech. Pound is one of the strongest today, breaking above important channel resistance line near 1.2200 which means that market completed a three wave decline in wave Y of B. As such, more gains can be in play now especially once market makes five waves up from 1.1988 low. In that case a three wave set-back can be interesting to join the trend.

GBPUSD, 1H

GBP/USD 1-Hour Chart

EURUSD is higher on intraday chart as expected, now trading close to 1.0730 resistance where upside can be limited as we see pair in late stages of a corrective wave four. However, we will still need a reversal with five waves back below the red trendline support to make sure that highs are in. Patience is the key here.

EURUSD, 1H

EUR/USD 1-Hour Chart

 


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