Another instrument that we have been trading lately is GBPUSD forex pair. In this technical blog we’re going to take a quick look at the Elliott Wave charts of GBPUSD and explain the trading strategy. As our members know, GBPUSD is bearish against the 1.2670 pivot. Recently the pair has given us good trading opportunity. In the further text we are going to explain the Elliott Wave Forecast and the trading strategy.
GBPUSD H4 Elliott Wave Analysis 07.26.2022
GPBUSD is showing higher high sequences from the lows. Recovery looks incomplete at the moment. We expect more upside within wave 4 recovery toward blue box area : 1.2343-1.2168. Strategy is selling the pair at the marked zone. Invalidation for the trade would be break above 1.618 fibs extension: 1.2343. As the main trend is bearish we expect sellers to appear at the blue box for 3 waves pull back at least. Once pull back reaches 50 Fibs against the ((b)) black low, we will make short position risk free ( put SL at BE) and take partial profits.
GBPUSD H4 Elliott Wave Analysis 08.06.2022
Eventually , GBPUSD made extension higher toward our selling zone :1.2343-1.2168. The pair found sellers right at the blue box and made reaction from there that has reached 50 fibs against the ((b)) black low. As a result, members who took short trades mad positions risk free . ( Put SL at BE) and took partial profits. At this stage we see wave 4 red completed at 1.2293 high. We would like to see break of previous low : 3 red 07/14 to confirm wave 5 red is in progress.
Keep in mind market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences.We put them in Sequence Report and best among them are shown in the Live Trading Room.
