GBPUSD is in sharp uptrend for the past two
days, which was expected from a technical point of view after five waves down
in red wave 5) of (3) followed by a broken trend-line. Well, current rally has
an impulsive structure which means that leg is part of a larger recovery which
will probably prove corrective as we are tracking a blue wave (4) pull-back.
Anyhow, even if recovery will be corrective, we still need three waves up,
labeled as A-B-C zig-zag formation, because we know that corrections are always
structured minimum by three legs. Therefore, be aware of more upside after wave
B pull-back, while market is trading above 1.4830 low. If we are correct, then
pair could retrace even up to 1.5300.
Sentiment
table
GBPUSD 4 h Elliott Wave Analysis Chart:
Writtern by www.ew-forecast.com
