AndyM
Short

GBP - massive reversal a few hours away, EW analysis

FX:GBPUSD   BRITISH POUND / U.S. DOLLAR
Below is my view on GBP based on EW analysis.
The corrective move upwards seemed to be a double zigzag and is it over.
The upward movement went through a series of three triangles, each delivering nice thrust. We know that triangles always precede the last motive wave, and since the latest wave 5 was fully retraced, the only movement that's ahead is down.
In my view we are going to see a cascaded downward movement reaching the ending points of former triangles:
- 1.5662 (reached)
- 1.5400
- 1.5200

It is not yet clear what will happen beyond 1.5200. I believe the market may trace an upward correction at that point and then will head down to 1.4600 tracing D wave of an expanding triangle.
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
ประเทศไทย
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out