Elliott Wave Analysis: GBP/USD Slowly Reversing Higher
Gregor Horvat | Jul 21, 2016 05:21AM ET
GBP/USD spiked up to 1.3480 area last week and confirmed a bullish turn on this pair as we can count clear five waves up from 1.2800 low. We know that five wave move shows direction of a trend so more gains are expected to come after current three waves of retracement. The pair seems to have found a support around 1.305 as price made a minor degree bounce higher and above the upper channel line. We however will still need to see a turn back above red wave B) levels to confirm a bullish continuation for higher prices into wave C/3.
GBP/USD, 4H
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