The bullish push that came at the end of last week slowed down yesterday. What should we expect today? The following 17 July GBPUSD Elliott wave analysis looks at GBPUSD based on Elliott wave theory.
The Cable was a bit sluggish yesterday. After a bullish end of last week, price slowed down a bit to decide the next direction in the nearest term. The bullish correction is still very much likely to continue. In the last update, we expected price to continue the bullish move after a little dip. That is playing out and unless there is a break below 1.31, this forecast should continue. The chart below was used in the last update.
Wave b (circled) ended at 1.31 and followed by a fast bullish move. There may be about 50-100 pips dip from the current price before price resumes upside. A fast dip below 1.31 would most likely lead to the termination of the wave forecast below 1.3050. Price is expected to rally if it stays above 1.31. A break above 1.336 should be followed by further rally to 1.35-1.36 to complete a zigzag wave c pattern.
17 July GBPUSD Elliott wave analysis: what next?
Price dropped more than 50 Pips yesterday before a slight rally into the Asian session. We might see a little more dip but price should be contained above 1.31 to maintain the bullish scenario. A break below 1.31 would get price off the bullish hook and set it downside below 1.3050. On the upside, a break above 1.3295 should set price above 1.3365 and much higher up to 1.35. Stay tuned for the next update.
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