GBPUSD Could Make Correction Before Uptrend Resumes

GBPUSD broke sharply to the upside last week with a clear personality of a wave three within a five wave move in wave C). We see pair going higher now, above 1.7000 to complete wave (5). This fifth wave should be made by three legs as we are tracking an ending diagonal on a daily chart, so upside can be limited around 1.7100. At the moment we expect a corrective pullback in black wave 4 down to 1.6900/1.6920 before uptrend resumes.

GBPUSD 4h Elliott Wave Analysis

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Tags: elliott-wave, forex-trading, gbp/usd, gbpusd

Comment by Daologic on June 17, 2014 at 8:01am

Excelent counting!

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