GBPUSD Elliott Wave Forex 1 + 4 hr - 18 Jan 2019
Gbp/Usd 1 Hour Chart
Monday, 18 February 2019 at 10:10:00PM EST
GBPUSD is currently recovering, up from 1.290 swing low, giving us an idea, that blue wave A is still in progress and can look for resistance, and a temporary reversal around the 1.296/1.300 region. From there a temporary correction as wave B may follow, which can unfold three legs and later look for support near the 1.286/1.2800 region.
Gbp/Usd 4 Hour Chart
Monday, 18 February 2019 at 3:02:00PM EST
GBPUSD made a clear, five-wave drop and in impulsive fashion from the 1.3213 level, which indicates where the trend is going. We see it going bearish, however current rally from the lows can be first leg of a temporary pullback, which may look for resistance and a reversal into wave B, near the 1.2958 level. Once wave B fully develops, that is when final wave C may follow, and take price towards the Fibonacci ratio of 50.0 or 61.8, from where a new bearish continuation may come into play.
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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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