10Feb

GBPUSD Elliott Wave Analysis: Forecast on Bullish Trend, Price Movement, and Key Support & Resistance Levels for Forex Traders

British Pound/ U.S. Dollar (GBPUSD) - TradingLounge Daily Chart

British Pound/ U.S. Dollar Currency Pair Daily Chart Analysis

GBPUSD Elliott Wave Technical Analysis

Function: Bullish Trend

Mode: Impulsive

Structure: Orange Wave 3

Position: Navy Blue Wave

Direction Next Lower Degrees: Orange Wave 4

Details: Orange Wave 2 of 3 appears completed; Orange Wave 3 is now in progress.

Wave Cancellation Invalidation Level: 1.20966

GBPUSD Forex Pair Analysis Overview

The GBPUSD Elliott Wave Analysis for the daily chart presents a bullish trend, driven by impulsive market movement. The price structure indicates that Orange Wave 3 is unfolding within the larger Navy Blue Wave, signaling strong upward momentum.

Wave Progression and Key Levels

  • The corrective phase of Orange Wave 2 seems to have ended, paving the way for the continuation of Orange Wave 3.

  • Once Orange Wave 3 concludes, a corrective pullback (Orange Wave 4) may follow.
  • Key Invalidation Level: If the price drops below 1.20966, the current wave count will be invalidated, potentially altering the bullish scenario.

Summary

The GBPUSD daily chart analysis confirms a bullish Elliott Wave structure, with the pair progressing in Orange Wave 3 within the Navy Blue Wave. The recent completion of Orange Wave 2 supports further upside movement.

📌 Key Takeaways:
Bullish momentum remains intact as long as the price stays above 1.20966.
Orange Wave 3 is expected to push the price higher, followed by Orange Wave 4 as a correction.
✔ This structure provides traders with a roadmap to navigate potential price movements.

GBPUSD-1D-Forex-Char...


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

Details: Gray Wave 2 of Orange Wave 3 appears completed; Gray Wave 3 is now in progress.

Wave Cancellation Invalidation Level: 1.20966

GBPUSD Currency Analysis Overview

The GBPUSD Elliott Wave Analysis on the 4-hour chart indicates an ongoing bullish trend with an impulsive wave structure. The market is currently developing Gray Wave 3, which forms a segment of the broader Orange Wave 3, reinforcing the bullish sentiment.

Wave Progression and Key Levels

  • Gray Wave 2 appears to have completed its corrective cycle, signaling the beginning of Gray Wave 3, which is expected to push prices higher.

  • The next wave progression at a higher degree confirms continued bullish movement with Gray Wave 3 unfolding.
  • Key Invalidation Level: A price dip below 1.20966 would invalidate the current bullish wave structure.

Summary

The GBPUSD 4-hour chart analysis suggests that the currency pair remains in a strong bullish phase, progressing through Gray Wave 3 of Orange Wave 3.

📌 Key Takeaways:
✔ The bullish trend remains intact unless the price drops below 1.20966.
Gray Wave 3 is expected to continue pushing the price higher, confirming strong momentum.
✔ This analysis offers traders a structured outlook to anticipate future price movements.

Technical Analyst: Malik Awais

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

Previous: USDCHF Elliott Wave Technical Analysis

VALUE Offer - Buy 1 Month & Get 3 Months!Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

GBPUSD-4h-Forex-Char...

Related

Elliott Wave Technical Analysis for Walmart Inc. (WMT), Including Detailed Forecasts and Current Price Movements

Elliott Wave Technical Analysis for Walmart Inc. (WMT), Including Detailed Forecasts and Current Price Movements

Explore the most recent Elliott Wave analysis for Walmart Inc. (WMT), including detailed forecasts a...

Read More >
Delves into the Commodity market trends and price forecasts for Cocoa Elliott Wave Technical Analysis

Delves into the Commodity market trends and price forecasts for Cocoa Elliott Wave Technical Analysis

Our in-depth Cocoa Elliott Wave Analysis delves into the current market trends and price forecasts. ...

Read More >
Dow Jones Trading and Elliott Wave Technical Analysis: Offer Expert Insights into DJI Market Trends & Investment Tips

Dow Jones Trading and Elliott Wave Technical Analysis: Offer Expert Insights into DJI Market Trends & Investment Tips

In this comprehensive Dow Jones trading guide, we dive into Elliott Wave Analysis and offer expert i...

Read More >
Highlighting Trading Strategies and market trends.Bitcoin: Crypto Price News Today Elliott Wave Technical Analysis

Highlighting Trading Strategies and market trends.Bitcoin: Crypto Price News Today Elliott Wave Technical Analysis

This article provides an in-depth Elliott Wave analysis of Bitcoin (BTCUSD), highlighting trading st...

Read More >
An Elliott Wave perspective on the GX Uranium ETF (URA) Commodity Elliott Wave Technical Analysis

An Elliott Wave perspective on the GX Uranium ETF (URA) Commodity Elliott Wave Technical Analysis

This detailed analysis provides an Elliott Wave perspective on the GX Uranium ETF (URA), highlightin...

Read More >
Bitcoin/ U.S. Dollar (BTCUSD) Elliott Wave Analysis: Fibonacci Targets, Market Trends & Key Support Levels for Smart Investing

Bitcoin/ U.S. Dollar (BTCUSD) Elliott Wave Analysis: Fibonacci Targets, Market Trends & Key Support Levels for Smart Investing

BTCUSD Elliott Wave Analysis provides a technical breakdown of Bitcoin’s price movement, highlighti...

Read More >

Buy 1 Month

Get 3 Months!

Special Offer:

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competive edge with expert insights in to:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Social Chat
  • Elliott Wave Algorithm
  • Screener
  • TradingLevels
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
-Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on