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Forex GBPUSD Elliott Wave News 1 + 4 hr 4 Oct 2018

Forex GBPUSD Elliott Wave News 1 + 4 hr 4 Oct 2018


Forex GBPUSD Elliott Wave News 1 + 4 hr 4 Oct 2018

GBPUSD 1 Hour Chart
Tuesday, 02 October 2018 at 10:52:00PM AEST

GBPUSD made a nice drop in the last couple of hours, providing further evidence that final wave v of a bearish cycle is in play. We are now observing a five-wave minor development in this leg v, which can look for support and a low near the 1.2916/1.2870 region. A later rally in impulsive fashion and above the upper channel line will suggest more upside.



GBPUSD 4 Hour Chart
Wednesday, 3 October 2018 at 3:35:00PM AEST

Cable is turning nicely down from the 1.3300 area where we see evidences of a completed wedge in wave C. Its an ending diagonal that is now pointing for more weakness ahead since its a powerful reversal pattern that can send prices back to the starting point of the pattern. In our case that's at 1.2783, and even lower after that if we consider the idea of a completed three wave recovery from August low. If from any reason price would turn up from the trendline support and rise back to 1.3200 then this would be seen as wave X of a complex corrective recovery within wave II of a higher degree.




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