The Definitive Elliott Wave Structure for GBPUSD (Daily TF)

Short

British Pound / U.S. Dollar (FX:GBPUSD)

Updated

FX:GBPUSD British Pound / U.S. Dollar

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GBPUSD
Graphical Elements : Bearish descending channel stretching back to 2015 July
Elliott Wave Structure : We're seeing a wave (5) ((3)) push down below fractal resistance at 1.4640

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Comment:

For long term, I personally prefer to sell closer to 1.4640 which is the irregular wave (4) correction with a perfect 1.0 elliott wave projection before seeing a further push down to 1.3320

Comment:

Please note wave 4 is a 0.382 retracement, not a 0.316 (no idea how I accidentally typed that lol)

Trade active:

Price is now on channel resistance, good time to sell with a stop above 1.4640

Comment:

For short term, I'll play a drop to 1.4295 with my stop loss at 1.4425 (about R:R 1 to 4). From there i'll expect one more push up to 1.4640

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