Mon, Mar 27, 2023 @ 17:46 GMT
HomeContributorsTechnical AnalysisElliott Waves Suggest More Upside on GBP/USD after a Drop to 1.18-1.2...

Elliott Waves Suggest More Upside on GBP/USD after a Drop to 1.18-1.2 Area

Cable is back in an uptrend after a capitulation back in September 2022. Notice that price is looking impulsive on a daily chart up to 1.23-1.24 resistance where bulls will try to form a breakout, but ideally, after a fourth wave pullback which can be more complex than we firstly thought. We see a potential triangle or even flat, meaning that lower supports can be retested before bulls are back. The ideal zone for a bounce is at 1.2 then 1.8 area.

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