Elliott Wave Analysis: GBPUSD and GBPJPY
Elliott Wave Analysis: GBPUSD and GBPJPY
GBPUSD
GBPUSD is turning today, which was one of the strongest last week, so it may be a time for a new correction especially if we consider that red wave 5) has all needed substructures for a valid formation, so pair may see lower levels now into a deeper A)-B)-C) set-back. We however see pair in uptrend, so current set-back is likely going to be temporary.
GBPUSD, 30Min
GBPJPY
GBPJPY is in a pullback mode, which appears to be of a higher degree based on size of a current slow price move compared to previous red waves ii) and iv). As such, we assume that first five wave cycle is finished and that current reversal is just a wave two contra-trend reaction which may look for a support at the area of a former wave four, near 139.50 from where uptrend continuation will be expected later this week.
GBPJPY, 1H
http://www.ew-forecast.com/service
Find more: Contributing Authors
