GBP/USD Eyes Higher

 | May 07, 2021 08:31AM ET

  • US data ahead including NFP 
  • GBP/USD looks for one leg down before moving higher 
  • A Rise above 1.400 indicates impulsive bullishness ahead  
  • GBP/USD trades in corrective Elliott wave triangle a,b,c,d,e pattern. It is now wave e, final leg of this corrective triangle.  

    We have US Data ahead including Nonfarm Payrolls. GBP/USD could get support during the that volatile session. Any Intraday downside move will be ideal area to join the Cable's bullish ride.  

    A rise above 1.400 level indicates that GBP/USD is more bullish in the days ahead.  

    GBP/USD 4h Elliott Wave Analysis Chart