Comprehensive Analysis of GBPUSD Focusing on Elliott Wave
Daily Chart Analysis
The daily chart suggests that the GBPUSD is currently in the third wave (III) of a larger degree impulse wave. The prior wave structure includes:
• Wave 1: An initial upward move.
• Wave 2: A corrective wave that retraced part of the first wave.
• Wave 3: The current wave in progress, which is typically the strongest and longest wave in the Elliott Wave sequence.
The levels to watch on the daily chart include:
• Support at 1.26106: If the price breaks below this level, it could indicate a deeper correction or the beginning of a new wave.
• Resistance at 1.32500: This is a key level that, if breached, could lead to further upward movement towards 1.37407.
H4 Chart Analysis
On the H4 chart, the development of the waves is more granular:
• Wave (ii): Completed around the 1.23000 region.
• Wave (iii): Currently developing, with subdivisions indicating further potential for upward movement.
• Wave iv: A corrective wave within the larger third wave, expected to conclude before the final thrust upwards in wave v of (iii).
Critical support and resistance levels on the H4 chart include:
• Support at 1.26106: This aligns with the daily support level and is crucial for maintaining the bullish scenario.
• Resistance at 1.32500: A break above this level would confirm the continuation of the impulse wave.
H1 Chart Analysis
The H1 chart shows the finer details of the ongoing wave structure:
• Wave ii: A local correction within wave iii, possibly forming a zigzag pattern.
• Wave iii: The wave in focus, expected to drive prices higher once wave iv completes.
• Wave iv: Currently forming, suggesting a minor pullback before the final push in wave v of iii.
Key levels to watch:
• Immediate support around 1.29160: Indicates the potential end of wave iv.
• Resistance around 1.30540: A break above this level would signify the start of wave v.
Overall Analysis
The GBPUSD appears to be in a bullish phase, with the larger degree wave (III) driving the trend upwards. The current correction on the H1 and H4 charts represents a typical retracement within the broader impulse wave. As long as the critical support at 1.26106 holds, the bullish scenario remains intact, with potential targets at 1.32500 and 1.37407. Breaking these resistance levels would further confirm the strength of the ongoing wave iii and suggest continued upward momentum in the GBPUSD pair.
The daily chart suggests that the GBPUSD is currently in the third wave (III) of a larger degree impulse wave. The prior wave structure includes:
• Wave 1: An initial upward move.
• Wave 2: A corrective wave that retraced part of the first wave.
• Wave 3: The current wave in progress, which is typically the strongest and longest wave in the Elliott Wave sequence.
The levels to watch on the daily chart include:
• Support at 1.26106: If the price breaks below this level, it could indicate a deeper correction or the beginning of a new wave.
• Resistance at 1.32500: This is a key level that, if breached, could lead to further upward movement towards 1.37407.
H4 Chart Analysis
On the H4 chart, the development of the waves is more granular:
• Wave (ii): Completed around the 1.23000 region.
• Wave (iii): Currently developing, with subdivisions indicating further potential for upward movement.
• Wave iv: A corrective wave within the larger third wave, expected to conclude before the final thrust upwards in wave v of (iii).
Critical support and resistance levels on the H4 chart include:
• Support at 1.26106: This aligns with the daily support level and is crucial for maintaining the bullish scenario.
• Resistance at 1.32500: A break above this level would confirm the continuation of the impulse wave.
H1 Chart Analysis
The H1 chart shows the finer details of the ongoing wave structure:
• Wave ii: A local correction within wave iii, possibly forming a zigzag pattern.
• Wave iii: The wave in focus, expected to drive prices higher once wave iv completes.
• Wave iv: Currently forming, suggesting a minor pullback before the final push in wave v of iii.
Key levels to watch:
• Immediate support around 1.29160: Indicates the potential end of wave iv.
• Resistance around 1.30540: A break above this level would signify the start of wave v.
Overall Analysis
The GBPUSD appears to be in a bullish phase, with the larger degree wave (III) driving the trend upwards. The current correction on the H1 and H4 charts represents a typical retracement within the broader impulse wave. As long as the critical support at 1.26106 holds, the bullish scenario remains intact, with potential targets at 1.32500 and 1.37407. Breaking these resistance levels would further confirm the strength of the ongoing wave iii and suggest continued upward momentum in the GBPUSD pair.
Disclaimer
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