GBPUSD Elliott Wave Analysis – Trading Lounge Day Chart

British Pound/ U.S. Dollar (GBPUSD) Day Chart

GBPUSD Elliott Wave Technical Analysis

Function: Bullish Trend

Mode: Impulsive

Structure: Gray Wave 3

Position: Orange Wave 3

Direction Next Higher Degrees: Gray Wave 3 (Continues)

Details: Gray Wave 2 of 3 appears completed, now Gray Wave 3 of 3 is underway.

Wave Cancel Invalidation Level: 1.30012

The Elliott Wave analysis for the GBPUSD daily chart points to a bullish trend, suggesting upward price momentum. The market is currently in an impulsive phase, which is consistent with continued upward movement. The primary wave in focus is Gray Wave 3, a critical part of the Elliott Wave pattern, often linked to strong upward trends.

At present, the market is advancing within Orange Wave 3, which is part of the larger impulsive Gray Wave 3 structure. This indicates that the price is in a position where further gains are anticipated, in alignment with the prevailing bullish market conditions.

The next higher degree direction remains upward, with Gray Wave 3 continuing to dominate the market structure. With Gray Wave 2 of 3 now complete, the market is pushing forward into Gray Wave 3 of 3, which typically involves a prolonged upward move. This signals ongoing strength in the market's bullish trajectory.

The wave cancel invalidation level is at 1.30012. Should the price drop below this point, the current Elliott Wave scenario would be invalidated. However, as long as the price stays above this level, the bullish trend is expected to persist, with further upward potential as Wave 3 of 3 develops.

Summary:
The GBPUSD is in a strong bullish trend, driven by the impulsive Gray Wave 3. With Gray Wave 2 completed, the market is moving into Gray Wave 3 of 3, indicating sustained upward momentum. This analysis remains valid as long as the price holds above 1.30012.

GBPUSD-1D-Forex-Char...


British Pound/ U.S. Dollar (GBPUSD) 4-Hour Chart

GBPUSD Elliott Wave Technical Analysis

Function: Bullish Trend

Mode: Impulsive

Structure: Micro Navy Blue Wave 3

Position: Gray Wave 3

Direction Next Lower Degrees: Micro Navy Blue Wave 4

Details: Micro Navy Blue Wave 2 of 3 appears completed, now Micro Navy Blue Wave 3 of 3 is underway.

Wave Cancel Invalidation Level: 1.30012

The Elliott Wave analysis for the GBPUSD 4-hour chart also highlights a bullish trend, reflecting upward price action. The market is currently moving in an impulsive phase, indicating strong alignment with the broader bullish trend. The wave being tracked is Micro Navy Blue Wave 3, which is part of the larger impulsive sequence.

Currently, the market is positioned within Gray Wave 3, a significant wave in the broader bullish structure. The next lower degree wave points toward Micro Navy Blue Wave 4, which could signal a potential corrective phase following the completion of Wave 3. For now, the primary focus remains on the continued upward movement of Wave 3.

Micro Navy Blue Wave 2 of 3 has completed, marking the end of a corrective phase. The market is now entering Micro Navy Blue Wave 3 of 3, a phase known for its extended and powerful price action in Elliott Wave theory. This suggests that strong bullish momentum is likely to continue.

The wave cancel invalidation level is set at 1.30012. If the price falls below this level, the current Elliott Wave analysis would no longer be valid. As long as the price remains above this level, the bullish trend is expected to continue.

Summary:
The GBPUSD is in a bullish impulsive phase, driven by Micro Navy Blue Wave 3. With Micro Navy Blue Wave 2 completed, the market is advancing into Wave 3 of 3, signaling strong upward momentum. The analysis remains valid as long as the price stays above 1.30012.

Technical Analyst: Malik Awais

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

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