Technical Analysis

GBPUSD In A Reversal Towards More Weakness Analysis by Elliott Wave

GBPUSD

GBPUSD In A Reversal Towards More Weakness Analysis by Elliott Wave

 

GBPUSD made a nice reversal around 1.4768 level in the last sub-wave 5 of C), in which an ending diagonal was recognized. This is a powerful structure that primarily occurs in the wave 5 position when price has moved too far and too fast and indicates a change in trend. For now we think that price will fall further down, after a temporary correction in wave 2) is seen. Resistance for wave 2) would ideally be around 1.45718.

GBPUSD, 1H

 

GBPUSD

 

Collected from Fxstreet

 

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MD SHAHADAT HOSSAIN

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