Bulls On GBPUSD Can Soon Slow Down! – Elliott Wave analysis
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 option can be a flat correction. That said, in both cases we are looking lower.
On the 4h time frame of GBPUSD, we can see that price was very slow for the last few weeks so we labeled recent move as a correction on the way up; we were tracking a zig-zag which can be finished and now points above the 1.297 bullish level in five minor waves for final wave 5). That said, despite current recovery from the 1.277 swing low we are still observing final wave of a bigger impulse, so be aware of limited upside in upcoming days.
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