GBPUSD - Five-wave Rise A SIGN For More Gains (Elliott Wave)
Hi traders!
GBPUSD turned nicely to the upside from the 1.238 level, where a bigger, bearish cycle may have ended. Current rally can be evidence that a low can be in place, and that more upside may follow. At the moment we are observing a five-wave rally as part of wave A in the making, with possible resistance near the 1.257/1.259 region.
Once wave A fully develops, a temporary pause as wave B may slow down the bulls.
GBPUSD turned nicely to the upside from the 1.238 level, where a bigger, bearish cycle may have ended. Current rally can be evidence that a low can be in place, and that more upside may follow. At the moment we are observing a five-wave rally as part of wave A in the making, with possible resistance near the 1.257/1.259 region.
Once wave A fully develops, a temporary pause as wave B may slow down the bulls.