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ew-forecast
Jan 29, 2024 3:58 PM

GBPUSD Points Higher After A Consolidation Long

GBP/USDOANDA

Description

Cable has seen some nice recovery at the end of 2023; move that is looking impulsive so more gains can be seen after the corrective retracement that is now underway. Ideally, that's wave four correction, a higher degree pullback that can sooner or later send prices back to the highs, possibly already now after first support for a triangle near 1.26 held, but we still need broken upper triangle line near 1.2750 to make sure that fifth wave up is in play for 1.29-1.3 Deeper support is at 1.25 if 1.26 flor is broken.
Comments
RAHEEM_876
interesting breakdown...the elliott wave theory is an interesting concept.
TheFxAce
You lay out why the market looks strong in simple, clear terms.
GrumpyOnion007
Hi Grega - currencies have been a bit of a nightmare recently! Here is my take, essentially the same as you.
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