Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
These stocks are up over 10% post earnings. Did you spot the buying opportunity? Our AI did.Read how

Elliott Wave Analysis: GBP/USD Doing An Ending Diagonal

ByElliott Wave Forecast
Published 01/23/2018, 10:58 PM
Updated 03/09/2019, 08:30 AM

GBP/USD Short Term Elliott Wave view suggests that the pair rallies as 5 waves impulse Elliott Wave structure from 16 December 2017 low. Up from 16 December 2017 low (1.33), Minor wave 1 ended at 1.3613, pullback to 1.3456 ended Minor wave 2, rally to 1.3943 ended Minor wave 3, and Minor wave 4 ended at 1.3803. Pair has broken above Minor wave 3 at 1.3943, suggesting that Minor wave 5 is currently in progress.

Internal of Minor wave 5 is proposed to be unfolding as an Ending Diagonal where Minute wave ((i)) ended at 1.3945 and Minute wave ((ii)) ended at 1.3838. As far as pivot at 18 January 2018 low (1.3803) stays intact, expect the pair to extend higher to end Minor wave 5 of (3) towards 1.40s area. Afterwards, pair should pullback in Intermediate wave (4) to correct cycle from 16 December 2017 low (1.33) in 3, 7, or 11 swing before the rally resumes. We do not like selling the pair.

GBP/USD 1 Hour Elliott Wave Chart

GBPUSD 24 Jan


ew cycle

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.