GBPUSD to move higher as third-wave advance still underway £
Updated
GBPUSD (long-term)
VS£
As you can see on the chart above, it seems like there’s an ongoing extension in wave (3). Wave 4 might have been in place, so wave 5 of (3) is likely underway. If correct, the market should break the high of wave 3 soon.
The main critical level for this scenario is £1.3484. Broadly, the market should continue unfolding a bullish impulse for wave ((1)) or ((A)) in the coming weeks.
VS£As you can see on the chart above, it seems like there’s an ongoing extension in wave (3). Wave 4 might have been in place, so wave 5 of (3) is likely underway. If correct, the market should break the high of wave 3 soon.
The main critical level for this scenario is £1.3484. Broadly, the market should continue unfolding a bullish impulse for wave ((1)) or ((A)) in the coming weeks.
Note
Fourth-wave correction is underwayThe last bearish three-wave price movement might be a part of the wave ((4)). The last advance is likely the part of wave X, which will probably take the form of a zigzag. If correct, the market should finish a wave ((b)) correction in the short term. Wave ((c)) of X is going to begin a little later on.
Note
Bearish impulse finished – ST
The advance highlights the possible ending of wave A. If correct, the market should begin developing wave B of (4). Broadly, a fourth-wave correction is going to continue unfolding, probably in the form of a zigzag.
Note
The fourth wave might be in place
The current advance brings more evidence for the bullish outlook. As shown above, wave C of (4) might have been in place, which means another bullish wave has begun.
Wave 2 is likely over, so the market should break the high of wave 1 shortly.
Trade active
The market should continue unfolding a third-wave advance.
Trade active
Second wave likely in place
There’s a decline, which is likely a part of wave ((ii)). If correct the bullish scenario will be at risk.
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