Elliott Wave Favors Further Upside in GBPUSD

١٢ يوليو

GBPUSD broke above the previous peak on 6.12.2024 which opens up a bullish sequence from 4.22.2024 low. Rally from there is unfolding as a 5 waves impulse Elliott Wave structure where wave 1 ended at 1.286 and pullback in wave 2 ended at 1.261. Wave 3 higher is currently in progress as another impulse in lesser degree as 30 minutes chart below shows. Up from wave 2, wave ((i)) ended at 1.284 and dips in wave ((ii)) ended at 1.277. Internal subdivision of wave ((ii)) unfolded as a double three Elliott Wave structure. Down from wave ((i)), wave (w) ended at 1.2795 and wave (x) ended at 1.2825. Wave (y) lower ended at 1.2775 which completed wave ((ii)) in higher degree.

Pair has resumed higher again in wave ((iii)). Up from wave ((ii)), wave i ended at 1.28 and dips in wave ii ended at 1.2788. Pair extends higher in wave iii towards 1.288 and pullback in wave iv ended at 1.2868. Final leg wave v ended at 1.2949 which completed wave (i) in higher degree. Wave (ii) pullback is now in progress as a double three structure. Down from wave (i), wave w ended at 1.289, and wave (x) ended at 1.292. Expect wave y of (ii) to complete at 1.284 – 1.287 area where support is seen. Near term, as far as pivot at 1.277 low stays intact, expect pullback to find buyers in 3, 7, 11 swing for further upside.