Elliott Wave Analysis: EURUSD and GBPJPY Searching For A Top
On the updated chart of GBPUSD we are looking at a new impulsive leg higher being made, blue wave five, with price currently trading in sub-wave 3). If that is the case, then a new temporary pullback may follow into the second wave 4), ideally to around the lower channel line. Once wave 4) unfolds, one more push higher into final wave 5) of five may start to develop.
GBPJPY is making a clear bullish structure in blue wave c and can reach levels around 147.0 region. That said, we now see price trading within sub-wave iv) that can unfold a three wave pullback. Once wave iv) fully unfolds, a new rally into final wave v) can follow. Keep in mind, that once wave c unfold a new reversal lower can come in play.
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