Interesting Correction Pattern on GBPUSD Points Lower – Elliott Wave 

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Gregor - Author BIO photo

The most probable scenario for the GBPUSD pair can be an expanding triangle correction within the wave B), with price currently unfolding its final leg E. Potential resistance/turning point area for leg E can be near the 1.308/1.330 region.

The second scenario for the GBPUSD pair can be a possible flat with legs A and B already completed, so current recovery can be final leg C. In both cases we expect limited upside, and a bearish turn.

GBPUSD, daily

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On the lower degree time frame chart, we can see that cable is very slow from the latest high so we see this move as a correction on the way up; ideally that is a fourth wave that will cause more upside into wave C of E.


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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

Find more: Contributing Author


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