02Jul

British Pound/U.S. Dollar (GBPUSD) Elliott Wave Analysis Shows Bullish Impulse on Daily Chart and Short-Term Correction on 4-Hour Wave Count Forecast

GBPUSD – Elliott Wave Analysis – Trading Lounge (Day Chart)

GBPUSD Elliott Wave Technical Overview

FUNCTION: Bullish Trend

MODE: Impulsive

STRUCTURE: Gray Wave 3

POSITION: Orange Wave 5

NEXT HIGHER DEGREE DIRECTION: Gray Wave 3 (Active)

DETAILS: Gray Wave 2 likely finished; Gray Wave 3 now developing.

Wave Cancel Invalidation Level: 1.33486

The Elliott Wave daily chart analysis for GBPUSD indicates a clear bullish trend. The pair is progressing within an impulsive wave structure, emphasizing strong upward price action. The current wave formation identifies Gray Wave 3 inside Orange Wave 5, a zone typically associated with accelerated bullish momentum.

Gray Wave 2 has likely concluded its corrective behavior, enabling Gray Wave 3 to unfold. This part of the wave cycle is historically linked to steep upward trends and fewer corrections. As it evolves within the broader Orange Wave 5, traders may anticipate continued gains and minimal retracements.

The key technical level remains 1.33486. A drop below this point would invalidate the current wave structure and require a reassessment. So long as GBPUSD trades above this invalidation level, the bullish Elliott Wave setup stays intact.

Supporting indicators suggest institutional buying pressure, reinforcing the view that the ongoing wave could lead to notable upward price development in alignment with the prevailing trend.

GBPUSD-d-forex-chart...


GBPUSD – Elliott Wave Analysis – Trading Lounge (4-Hour Chart)

GBPUSD Elliott Wave Technical Overview

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: Micro Navy Blue Wave 2

POSITION: Gray Wave 3

NEXT HIGHER DEGREE DIRECTION: Micro Navy Blue Wave 3

DETAILS: Micro Navy Blue Wave 1 likely completed; Micro Navy Blue Wave 2 in progress.

Wave Cancel Invalidation Level: 1.33486

On the 4-hour timeframe, GBPUSD is currently experiencing a counter-trend correction within a larger bullish context. The price action is forming Micro Navy Blue Wave 2, a pullback occurring within the scope of Gray Wave 3, indicating a brief corrective phase.

The completion of Micro Navy Blue Wave 1 suggests the current decline is corrective in nature. As Wave 2 develops, the market may retrace part of the prior gains. Following its conclusion, Micro Navy Blue Wave 3 is expected to emerge, aligning with the broader upward trajectory.

This corrective structure often results in sideways price action or shallow declines in the short term. However, the position within Gray Wave 3 indicates that once this correction ends, bullish continuation is probable.

Traders should closely monitor for confirmation that Micro Navy Blue Wave 2 is ending. Its completion would likely mark the start of Micro Navy Blue Wave 3, potentially resuming the uptrend and offering new long opportunities.

Technical Analyst: Malik Awais

Source: Visit Tradinglounge.com and learn from the Experts. Join TradingLounge Here

Previous: AUDJPY 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

PaloAlto Networks Inc. stock price towards key levels: PANW Elliott Wave Technical Analysis and Potential Upside

PaloAlto Networks Inc. stock price towards key levels: PANW Elliott Wave Technical Analysis and Potential Upside

This detailed analysis of Palo Alto Networks (PANW) stock uses Elliott Wave Theory to explore the cu...

Read More >
Cardano (ADAUSD) Elliott Wave Technical  Analysis, Price Prediction, Trading Strategies, Support & Resistance, and Market Trends

Cardano (ADAUSD) Elliott Wave Technical Analysis, Price Prediction, Trading Strategies, Support & Resistance, and Market Trends

Elliott Wave analysis of ADAUSD, including price predictions, trading strategies, and risk managemen...

Read More >
WiseTech Global (ASX: WTC) Elliott Wave Analysis: Bullish Wave 5 Breakout & Stock Forecast Indicating an Uptrend in Share Price

WiseTech Global (ASX: WTC) Elliott Wave Analysis: Bullish Wave 5 Breakout & Stock Forecast Indicating an Uptrend in Share Price

Our Elliott Wave analysis of WiseTech Global (ASX: WTC) highlights a potential Wave 5 breakout, indi...

Read More >
Comprehensive EURUSD Elliott Wave Technical Analysis: Forecast, Trading Strategy, and Key Market Insights

Comprehensive EURUSD Elliott Wave Technical Analysis: Forecast, Trading Strategy, and Key Market Insights

Our detailed EURUSD Elliott Wave analysis highlights the ongoing corrective phase within Navy Blue W...

Read More >
ASX Northern Star Resources Ltd (NST) Elliott Wave Technical Analysis: Stock Forecast and Key Price Targets for Bullish Trends

ASX Northern Star Resources Ltd (NST) Elliott Wave Technical Analysis: Stock Forecast and Key Price Targets for Bullish Trends

Elliott Wave analysis for ASX: Northern Star Resources Ltd (NST), focusing on bullish trends, key pr...

Read More >
Effective trading strategies and technical analysis: British Pound/U.S.Dollar(GBPUSD) Forex Elliott Wave Technical Analysis

Effective trading strategies and technical analysis: British Pound/U.S.Dollar(GBPUSD) Forex Elliott Wave Technical Analysis

This detailed analysis of GBP/USD using Elliott Wave Theory provides key insights into the current m...

Read More >

$1 for 2 Weeks

then $29 a month!

What a Special Offer!

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering 250+ markets:

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

Gain a competitive edge with expert insights and AI-powered Elliott Wave charting into:

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

Equip yourself with the tools of success:

  • Real-time Chat rooms
  • Elliott Wave Algorithm
  • Portfolio tools
  • TradingLevels
  • Screener
  • 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