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Elliott Wave Analysis of GBPUSD

Currencies / British Pound May 23, 2019 - 02:57 PM GMT

By: WavePatternTraders

Currencies I suspect a relief bounce is close at hand for some of the GBP pairs, when we look at the decline from the May 2019 high, the new low on pairs such as GBPCHF and GBPCAD are supportive that the new low on GBPUSD is most likely the 5th wave of an impulse wave (5 wave decline) from 13176.

A partial rally in 3 waves is favored soon, that can offer an opportunity for traders that are looking to sell GBPUSD, stops need to be placed at 13176. That is likely to align with a bounce on pairs like GBPCHF and GBPCAD etc.


Our bigger picture ideas on GBPUSD are still targeting a move under 12444 towards 12400 - 12300.GBPUSD



GBPCHF

GBPCAD



Note:

Unless a complete reversal above the May 2019 highs, then all the pairs listed in this article are on a sell. A retracement in 3 waves to correct the decline from the May 2019 high is favored soon, once wave [v] ends.

Until next time,

Have a profitable week ahead.

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