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Technical analysis

GBPUSD Elliott Wave Analysis Ahead of UK Budget Speech

Sanmi Adeagbo | Oct. 29, 2018
GBPUSD Elliott Wave Analysis Ahead of UK Budget Speech

GBPUSD rallied above 1.28 this week after last week dip to 1.2785. Price awaits Phillip Hammond's UK budget speech.

October 2018 | AtoZMarkets - The UK's Chancellor of the Exchequer, Phillip Hammond is about to speak today on the last budget before Brexit. Phillip who has said that if the UK left the EU without a deal, he would require ''a new budget which will set out a different strategy for the future''. The budget is the government's annual announcement about how it will impose taxes and spend public fund- and what state the nation's finance are in. It will be delivered today at 15:30 GMT.

Sterling has started the week slow - a bit unchanged from last week close price. Price hit 1.285 earlier today but has dropped close to 1.28 as the bearish trend still looks clear. This month has been bearish after the failures of the concerned parties to agree on Brexit details at the back of a much stronger Dollar. The next two supports at 1.2785 and 1.266 might be taken out this week if the bearish trend persists.

GBPUSD Elliott Wave Analysis and Important Price Levels

The current rally from 1.2785 looks corrective and formed within a falling channel. Unless a break above the channel happens, the bearish trend is expected to continue. A break below 1.2785 on the downside, will see price trying 1.266. On the upside, a break above 1.292 might see further rallies close to 1.3080. If price breaks above 1.3080 with a trendy wave, we might see a nice bullish run.The current rally is labelled wave 4 of the bearish impulse wave from 1.326. The resultant 5th wave will probably see price at 1.266 at least.

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