British Pound / U.S. Dollar (GBPUSD) Elliott Wave Analysis | Trading Lounge Day Chart
GBPUSD Elliott Wave Technical Analysis
FUNCTION: Bullish Momentum
MODE: Impulsive Pattern
STRUCTURE: Developing Orange Wave 3
POSITION: Advancing within Navy Blue Wave 5
DIRECTION (Next Lower Degree): Orange Wave 4 Potential
DETAILS:
Orange wave 2 appears completed, with orange wave 3 now underway in the GBPUSD daily chart.
Invalidation Level: 1.33486
According to Elliott Wave analysis, GBPUSD continues to move in a bullish direction on the daily timeframe. The impulsive structure indicates orange wave 3 is forming within the larger navy blue wave 5, pointing to further upward movement. However, a short-term correction in orange wave 4 is likely to follow.
Now that orange wave 2 has finalized, GBPUSD progresses through orange wave 3, backed by strong bullish momentum. The impulsive nature suggests a sustained upward path. A move below the invalidation level at 1.33486 would negate the current wave scenario and suggest a possible trend reversal.
The pair's position within navy blue wave 5 indicates the broader uptrend is still in effect, though approaching a potential high. Traders may continue to favor long setups, keeping an eye out for signs that wave 3 is nearing completion — which would signal an incoming correction phase via orange wave 4.
This structured Elliott Wave overview highlights key support and resistance zones for GBPUSD traders and provides insight into possible market shifts.
British Pound / U.S. Dollar (GBPUSD) Elliott Wave Analysis | Trading Lounge 4-Hour Chart
GBPUSD Elliott Wave Technical Analysis
FUNCTION: Sustained Bullish Trend
MODE: Impulsive Formation
STRUCTURE: Gray Wave 3 In Progress
POSITION: Advancing Within Orange Wave 3
DIRECTION (Next Higher Degree): Gray Wave 3 Continuation
DETAILS:
Gray wave 2 seems complete, with gray wave 3 unfolding.
Invalidation Level: 1.33486
The 4-hour GBPUSD chart reveals a continuation of the bullish trend under Elliott Wave guidelines. The current structure features gray wave 3 forming within the broader orange wave 3, reflecting strong upward momentum and a favorable near-term outlook.
Following the end of gray wave 2, the pair is showing a clear progression into gray wave 3. The impulsive pattern confirms persistent buying strength. The key invalidation level remains at 1.33486 — a price move beneath this would warrant a review of the bullish scenario.
This outlook favors bullish entries as long as GBPUSD stays above the invalidation point. A correction via gray wave 4 is anticipated once the present impulsive wave concludes.
Overall, GBPUSD demonstrates strong upside potential in the short term. This analysis supports continued long positions with focus on wave development and critical support levels.
Technical Analyst: Malik Awais
Source: Visit Tradinglounge.com and learn from the Experts. Join TradingLounge Here
Previous: AUDUSD 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
