GBPUSD Elliott Wave Forex 1 + 4 hr - 10 April 2019
Gbp/Usd 1 Hour Chart
Thursday, 04 April 2019 at 13:01 GMT
Cable is still looking higher towards new highs back to 1.3400 – 1.3500 area and we can see a small bullish setup in the smaller time frame that can test 1.3100 support area before a continuation higher. However, this may get even more complex, but as long as price is trading above 1.2980, we will remain bullish.
Gbp/Usd 4 Hour Chart
Wednesday, 10 April 2019 at 06:13 GMT
Cable can be unfolding an EW ending diagonal of a higher degree within wave C of II, with price now trading at the end of a corrective wave 4). Support for current wave 4) can be seen at the 1.2979/1.295 region, where former swing low and the lower EW ending diagonal trend line can react as turning points. That being said, a later rally in impulsive fashion, and above the 1.319 level would confirm a completed wave 4), and wave 5) in play. On the other hand, if market continues sharply towards the 1.276 level, then this would signal a bearish continuation, and a top already in place.
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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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