empty
 
 
17.12.2019 11:47 PM
Short-term Elliott wave analysis on GBPUSD

GBPUSD has completed an impulsive wave structure to the upside and is now expected to make a corrective pull back. Most probable target area is at 1.29 (minimum) to 1.2550 (maximum). GBPUSD is expected to make a higher low inside that area.

This image is no longer relevant

Red lines - expected path of price

GBPUSD has most probably completed 5 waves up at 1.3515. Price should at least reach the 38% Fibonacci retracement of the entire rise. The 38% retracement level is at 1.29. This is our minimum pull back target. However price could also push lower towards the 61.8% retracement level at 1.2550. However it is still too early to talk about such a pull back. For now we focus on the short-term trend reversal and the weakness in GBPUSD we expect to face.

Summary
Urgency
Analytic
Alexandros Yfantis
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback