GBPUSD Elliott Wave Forex 1 + 4 hr - 31 Jan 2019
Gbp/Usd 1 Hour Chart
Tuesday, 29 January 2019 at 7:12:00PM AEST
GBPUSD is coming down from the high but not so aggressively; we see very slow price move so it's probably wave four corrective set-back that can still reach lower prices, maybe at 1.3060 before uptrend resumes for 1.3300.
Gbp/Usd 4 Hour Chart
Tuesday, 29 January 2019 at 5:41:00PM AEST
GBPUSD is recovering sharply from the 1.267 level, giving us a sign that corrective wave 2)/B) had ended, and that now wave 3) or C) is in play. In such case, a five-wave rally is expected to show up, which can later stop and look for resistance near the 1.330/1.3400 area. That said, currently we are observing price unfolding corrective leg 4 of 3)/C), which can face support and a bounce into a new high near the 1.311/1.304 region, where Fibonacci ratio of 23.6 and the 38.2 sit.
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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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