BRITISH POUND / US DOLLAR H4 Time Frame
Major Trend = Uptrend
Minor Trend = Uptrend
Nearest Support Area = 1.23850-1.24283
Nearest Resistance Area = 1.25924-1.26530
Overall Bias = Long (Possible Reversal Soon)
Short Term Target = 1.25000-1.25280
Ideal Target = 1.23850-1.24283
Invalidation Level = 1.26685
Notes :
Today the US will publish its Inflation Rate YoY Data which is expected to be around 5% (same as previous months). GBPUSD itself have been in a strong uptrend since September of last year where price is currently trading around its major resistance & yearly high area. Using Elliott Wave Analysis we can also conclude that price seems to have made its 5th intermediate wave top and should soon start its A corrective wave.
Our 1st Main & "Ideal" Scenario is the black paths where price is predicted to correct lower starting its A wave with an ideal target around 1.23850-1.24283. This scenario will still be valid as long as price stays below 1.26685.
The 2nd "Worst Case" Scenario is the red paths where price decides to continues higher extending its 5th intermediate wave rally with an ideal target around 1.28040- 1.28600.
Major Trend = Uptrend
Minor Trend = Uptrend
Nearest Support Area = 1.23850-1.24283
Nearest Resistance Area = 1.25924-1.26530
Overall Bias = Long (Possible Reversal Soon)
Short Term Target = 1.25000-1.25280
Ideal Target = 1.23850-1.24283
Invalidation Level = 1.26685
Notes :
Today the US will publish its Inflation Rate YoY Data which is expected to be around 5% (same as previous months). GBPUSD itself have been in a strong uptrend since September of last year where price is currently trading around its major resistance & yearly high area. Using Elliott Wave Analysis we can also conclude that price seems to have made its 5th intermediate wave top and should soon start its A corrective wave.
Our 1st Main & "Ideal" Scenario is the black paths where price is predicted to correct lower starting its A wave with an ideal target around 1.23850-1.24283. This scenario will still be valid as long as price stays below 1.26685.
The 2nd "Worst Case" Scenario is the red paths where price decides to continues higher extending its 5th intermediate wave rally with an ideal target around 1.28040- 1.28600.