GBPUSD Elliott Wave Forex 1 + 4 hr - 2 May 2019
Gbp/Usd 1 Hour Chart
Thursday, 02 May 2019 at 07:40 GMT
If there is any pair that suggests more dollar weakness then that's cable where bulls are doing fine, despite recent agressive dollar rise. What I see on cable now is a turn into a corrective set-back, so more upsdie willl be expected after three subwaves. Support is at 1.3000/1.3030.
Gbp/Usd 4 Hour Chart
Thursday, 02 May 2019 at 06:40:00 GMT
Cable is turning up from the interesting support zone around 1.2860 and breaking the upper trend line of a downward channel which indicates a completed corrective decline, especially if we consider a triangle in the middle of that pullback from March highs. As such, we think that pound can be turning back to the bullish side, maybe even for 1.3400 once again.
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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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