GBPUSD Elliott Wave Analysis Trading Lounge Day Chart

GBPUSD Day Chart Analysis

Elliott Wave Technical Analysis

Function: Trend
Mode: Impulsive
Structure: Navy Blue Wave 3
Position: Gray Wave 3
Direction Next Higher Degrees: Navy Blue Wave 3 (Continue)
Details: Navy Blue Wave 2 looking completed, now Navy Blue Wave 3 is in play.
Wave Cancel Invalid Level: 1.26113

The GBPUSD Elliott Wave Analysis on the day chart focuses on an impulsive trend movement, indicating a strong market direction with significant momentum. The current wave structure under analysis is Navy Blue Wave 3, positioned within Gray Wave 3. This means the market is in the third wave of a larger third wave sequence, suggesting a powerful trend continuation.

The direction of the next higher degrees continues within Navy Blue Wave 3, indicating that the strong trend movement is expected to persist. This phase shows that Navy Blue Wave 2 is considered complete, meaning the market has finished its corrective phase and is now fully engaged in Navy Blue Wave 3.



GBPUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart

GBPUSD 4 Hour Chart Analysis

Elliott Wave Technical Analysis

Function: Counter Trend
Mode: Corrective
Structure: Orange Wave 2
Position: Navy Blue Wave 3
Direction Next Higher Degrees: Orange Wave 3
Details: Orange Wave 1 looking completed at 1.29503, now Orange Wave 2 is in play.
Wave Cancel Invalid Level: 1.26113

The GBPUSD Elliott Wave Analysis on the 4-hour chart focuses on a counter-trend movement, categorized as corrective. This indicates that the market is currently in a phase where it is moving against the prevailing trend, adjusting or retracing before potentially resuming the main trend. The wave structure under review is Orange Wave 2, positioned within Navy Blue Wave 3. This suggests that the market is in the second corrective wave of a larger third wave sequence.

The next anticipated phase in the wave structure is Orange Wave 3, which will follow the completion of the current Orange Wave 2. This upcoming phase is expected to be an impulsive wave, indicating a resumption of the main trend direction, likely with stronger movement compared to the corrective wave currently in play.


Technical Analyst : Malik Awais

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