Elliott Wave Analysis: GBPUSD and EURUSD 

4h eurusd

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Elliott Wave Analysis: GBPUSD and EURUSD

Let’s start with GBPUSD. GBPUSD is trading strongly to the downside, now probably at the end of wave 1) after a top had been found for a bigger correction at the 1.3267 level. We can also see a decisive breach below the channel line connected from 1.2809 swing low and 1.2930, which can suggest a completed correction and a change in trend. Ideally even more weakness will show up on cable, once the following corrective wave 2) fully unfolds and wave 3) starts to unfold. Another breach below the former swing low of wave B) at 1.2809 level would confirm even more weakness to follow.


4h gbpusd

The same can be said for the EURUSD, where price also found a top at the 1.1909 level the past Friday. From the mentioned region as we can see a sharp fall later followed in five-waves, which is usually a confirmation for a change in trend. That said, we always expect minimum reversal to take place rather than a bigger, which means we expect a three-wave decline to be in progress.

Wave a or I can be ending, which means a temporary correction into the following wave ii/or b can follow in the near-term.


4h eurusd


Disclosure: Please be informed that information we provide is NOT trading recommendation or investment advice. All of our work is for educational purposes only.



By Gregor Horvat

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