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  • Forex Analyst

GBPUSD Elliott Wave Charts

Gbp/Usd 1 Hour Chart

Wednesday, 25 November 2020 at 08:38 GMT

GBPUSD is still trading in an Elliott wave ending diagonal for a wave C, out of a former triangle correction in wave B. Now price is unfolding a sub-wave v of C, which can look for limited upside, and a reversal in minimum three legs at the 1.339/1.343 zone. A firm decline below the lower ending diagonal line, and later below the 1.31 bearish level will confirm a bearish reversal.


Gbp/Usd 4 Hour Chart

Wednesday, 25 November 2020 at 06:57 GMT

No change.

Cable can still be unfolding a wave C, which can be an ending diagonal still in progress. We still need a final push higher within a wave C, in order for the ending diagonal to be completed. That said, possible resistance for wave C can be at the 1.34/1.345 zone. A later sharp reversal, and a break below the 1.308 level will suggest a top in place for wave C, and a minimum, three-wave reversal.


Gbp/Usd Daily chart

Nov 22 2020

GBPUSD turned south from 1.3481 area where we see end of a corrective rise after broken channel support which can now become a resistance for current rally, near 61.8% fib. ratio. We should be aware of a new leg down, if 1.2850 is taken out.


On count #2 we are tracking a double zig-zag, where current rally can be part of a second wave C.

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