Forex GBPUSD Elliott Wave News 1 + 4 hr-27 Nov 2018
GBPUSD 1 Hour Chart
Wednesday, 21 November 2018 at 9:03:00PM AEST
While EURUSD is making three wave decline that’s when cable may again touch the lows as recovery to 1.2880 was also very slow and corrective.
GBPUSD 4 Hour Chart
Monday, 26 November 2018 at 6:29:00PM AEST
GBPUSD can be trading in wave B as part of a bigger complex correction. Specifically we see sub-wave C) of B in play, which can be unfolding a EW ending diagonal, and can look for support and a bounce near the 1.260 region. That said, a later rally in impulsive fashion and a break above the 1.293 level would confirm a low in place and more upside.
On count #2 we see price unfolding a more complex correction, a triangle in wave B which can point higher, once fully developed.
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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