Interesting Correction Pattern on GBPUSD Points Lower – Elliott Wave
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.
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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