Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of GBPUSD, published in members area of the website. GBPUSD is another Forex pair that we have been trading lately. The price is showing bullish sequences in the cycle from the March 1.1412 low. Consequently, we advised members to avoid selling GBPUSD and keep on buying the dips in the sequences of 3,7,or 11 swings whenever get chance. In further text we’re going to explain Elliott Wave Forecast and trading strategy.
GBPUSD 1 Hour Elliott Wave Analysis 2.17.2020
Wave ((iv)) black pull back is correcting the cycle from the 1.3563 low. Pull back is unfolding as Elliott Wave Double Three Pattern (w)(x)(y). It has already reached its equal legs zone at 1.3851-1.3798 , buyers area. We favor the long side from the mentioned zone. As the main trend is bullish we expect buyers to appear for 3 waves bounce at least. Turn can happen any moment. As soon as the price reach 50 Fibonacci Retracement against the (x) blue peak, we should make long positions Risk Free ( put SL at BE).
Equal Legs – Blue Boxes are no enemy areas , giving us 85% chance to get a bounce.
You can learn more about Elliott Wave Patterns and Equal Legs Areas at our Free Elliott Wave Educational Web Page.
GBPUSD 1 Hour Elliott Wave Analysis 2.18.2020
GBPUSD pair found buyers at 1.3851-1.3798 the Blue Box area. We got nice reaction from there so far. We call wave ((iv)) pull back completed at 1.3828 low as Double Three Pattern. Current view suggest next leg up (i) of ((v)) is in progress as 5 waves structure. We would like to see further extension higher and break above ((iii)) black peak (02/16) to confirm next leg up is in progress. At this stage all the long positions from the Blue Box zone should be risk free.
GBPUSD 1 Hour Elliott Wave Analysis 2.22.2020
Eventually we got further rally. The pair ended short term cycle from the 1.3828 low as (i) blue and gave us pull back (ii). We assume short term (ii) pull back is over and expect more upside. We don’t recommend selling the pair in any proposed pull back and favor staying long from the Blue Box area within risk free positions.
Keep in mind that market is dynamic and presented view could have changed in the mean time. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room. You can check most recent charts in the membership area of the site.
Elliott Wave Forecast