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Elliott Wave Analysis: GBPUSD Intra-day Fall

Elliott Wave Analysis: GBPUSD Intra-day Fall

GBPUSD is unfolding a strong and sharp bearish movement away from former wave 2) correction at the 1.3031 level, which suggests that a higher degree wave 3) can be in progress. That said we know that wave 3) is an impulse, which consist out of five sub-waves, meaning more weakness is expected to follow on the pair. Ideally current sub-wave 3 of three will extend its gains towards the Fibonacci ratio of 261.8, before a new temporary pullback into the following wave 4 shows up.

GBPUSD, 30Min

GBP/USD 30-Minute Chart

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

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