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Technical analysis

GBPUSD Elliott Wave Analysis: Sterling Spiked on Brexit Progress Report

Sanmi Adeagbo | Nov. 1, 2018
GBPUSD Elliott Wave Analysis: Sterling Spiked on Brexit Progress Report

British Pound continued yesterday's bullish move, built on fresh Brexit optimism. In a rather busy Asian market, GBPUSD spiked above 1.285 as the market awaits today's BOE data and speeches.

October 2018 | AtoZMarkets - Today is a super Thursday for the British Pound. GBP already showing signs of optimism as expected. Few days ago, UK's chancellor of exchequer, Phillip Hammond, raised hope for a more buoyant economy and yesterday there were reports on Brexit progress. GBPUSD was bullish yesterday, rallied from 1.27 to hit 1.28 before falling back to 1.2750. Price advanced further during a very busy Thursday's Asian session driven by China's stimulus plan and a buoyant Asian economic data. Currently, GBPUSD is trading at 1.2875, easing its way toward 1.2920 intraday resistance (former support).

Further price activities today could be greatly influenced by today's Bank of England inflation rate reports. The bank will also vote to decide the new bank rate before the Governor speaks to the press about the economy and their expectation for the future. Market will also react to anything related to Brexit.

GBPUSD Elliott Wave Analysis and Important Price Levels

Price completed a bearish impulse wave from 1.326 at 1.27. The impulse wave was projected to end at 1.266 or above. Price rallied to the upper line of the falling channel as shown in yesterday's update. A breakout was expected and that happened exactly. The trend is still bearish. Technically, the current rally is expected to be a 3-wave bullish correction up to 1.298-1.3046. After the bullish correction, price is expected to continue downside. There will much bigger moves today and tomorrow (NFP) which might change this outlook.

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