Forex GBPUSD Elliott Wave News 1 + 4 hr-16 Nov 2018
GBPUSD/Cable 1 Hour Chart
Friday, 16 November 2018 at 7:48:00PM AEST
Cable was hit hard recently, and decline may not be over yet within wave C/3 as current price move above 1.2750 seems slow so can be fourth wave that may find some new seller at around 1.2837. Only above 1.2950 we may say that bulls are back!
GBPUSD 4 Hour Chart
Friday, 16 November 2018 at 6:40:00PM AEST
GBPUSD can be unfolding a bigger, complex correction with blue wave B trading near completion. We see current drop from 1.3100 as sub-wave C) of B, which can look for support and a bullish reversal near the lower corrective channel line. That said, a rally in impulsive fashion, and a break above the 1.285 level would confirm a completed wave B correction and a new five-wave recovery into blue wave C.
Elliott degrees in order: Grand Super cycle wave, Super cycle wave, Cycle wave, Primary wave, Intermediate wave, Minor wave, Minute wave, Minuette wave and Subminuette wave.
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