Market Overview

GBPUSD Elliott Wave Analysis: Bearish Towards 1.6300 Level

GBPUSD has finally moved to the downside at the end of the last week, through 1.6470, into a third leg of decline from the top that can be wave (iii) heading towards 161.8% Fibonacci extension target that comes in around 1.6300. We will be looking down now as long as 1.6625 is not breached.

GBPUSD 4h Elliott Wave Analysis

gbpusd elliott wave

GBPUSD 1h

GBPUSD is one of the weakest today, now already beneath 1.6350 after recent 100pip fall with accelerating price action that we think represents part of a red wave iii) that may look for a support around 1.6300.

GBPUSD 1h Elliott Wave Analysis

gbpusd 1h elliott wave

Written by www.ew-forecast.com

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