GBPUSD downpour
This chart shows the GBP/USD currency pair on a 4-hour timeframe with an Elliott Wave count labeled (1) through (5). Key observations include:
Elliott Wave Analysis: The wave count suggests a completed impulsive wave downtrend, currently in Wave (5), indicating potential bearish continuation.
Support Zones: Highlighted yellow rectangles mark significant support areas where price could react, particularly around the 1.20527 level.
Resistance Zone: The red line around 1.25335 marks a resistance level, likely aligned with Wave (4) retracement.
Trading Idea: Based on the chart, a continuation toward the 1.20527 level seems possible, with current price action aligning with Wave (5). However, traders should confirm entry signals before acting.
Elliott Wave Analysis: The wave count suggests a completed impulsive wave downtrend, currently in Wave (5), indicating potential bearish continuation.
Support Zones: Highlighted yellow rectangles mark significant support areas where price could react, particularly around the 1.20527 level.
Resistance Zone: The red line around 1.25335 marks a resistance level, likely aligned with Wave (4) retracement.
Trading Idea: Based on the chart, a continuation toward the 1.20527 level seems possible, with current price action aligning with Wave (5). However, traders should confirm entry signals before acting.
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