GBP/USD Archives - Elliott Wave Forecast

Elliott Wave View: GBPUSD Further Correction Expected

March 3, 2021 By EWFHendra

Short Term Elliott Wave View on GBPUSD suggests the rally to 1.4239 ended wave ((W)). Pair is now correcting in wave ((X)) in a larger 3, 7, or 11 swing pullback. Internal of wave ((X)) is proposed to be unfolding as a zigzag Elliott Wave structure. Zigzag is a 5-3-5 structure where wave A and C subdivide into a 5 waves either as impulse or diagonal. Down from wave ((W)), wave 1 ended at 1.408 and bounce in wave 2 ended at 1.4182.

Pair then extended lower in wave 3 towards 1.388, and wave 4 bounce ended at 1.4. The last leg of the impulse wave 5 ended at 1.3857 and this completed wave (A) of the zigzag. Wave (B) rally is currently in progress to correct the 5 waves decline from February 24 high (1.4239). Internal of wave (B) is proposed to be unfolding as a zigzag where the first leg wave A should end soon with a marginal high. Pair should then pullback in wave B then turn higher again in wave C to end wave (B) correction. While wave (B) rally fails below February 24 pivot at 1.4239, expect pair to turn lower again in another 5 waves within wave (C) to complete wave ((X)) pullback.

GBPUSD 60 Minutes Elliott Wave Chart

GBPUSD Elliott Wave Video

GBPUSD Elliott Wave : Buying The Dips At The Blue Box Area

February 24, 2021 By EWF Vlada

Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of GBPUSD, published in members area of the website. GBPUSD is another Forex pair that we have been trading lately. The price is showing bullish sequences in the cycle from the March 1.1412 low. Consequently, we advised members to avoid selling GBPUSD and keep on buying the dips in the sequences of 3,7,or 11 swings whenever get chance. In further text we’re going to explain Elliott Wave Forecast and trading strategy.

GBPUSD 1 Hour Elliott Wave Analysis 2.17.2020

Wave ((iv)) black pull back is correcting the cycle from the 1.3563 low. Pull back is unfolding as Elliott Wave Double Three Pattern (w)(x)(y). It has already reached its equal legs zone at 1.3851-1.3798 , buyers area. We favor the long side from the mentioned zone. As the main trend is bullish we expect buyers to appear for 3 waves bounce at least. Turn can happen any moment. As soon as the price reach 50 Fibonacci Retracement against the (x) blue peak, we should make long positions Risk Free ( put SL at BE).

Equal Legs – Blue Boxes are no enemy areas , giving us 85% chance to get a bounce.
You can learn more about Elliott Wave Patterns and Equal Legs Areas at our Free Elliott Wave Educational Web Page.

GBPUSD 1 Hour Elliott Wave Analysis 2.18.2020

GBPUSD pair found buyers at 1.3851-1.3798 the Blue Box area. We got nice reaction from there so far. We call wave ((iv)) pull back completed at 1.3828 low as Double Three Pattern. Current view suggest next leg up (i) of ((v)) is in progress as 5 waves structure. We would like to see further extension higher and break above ((iii)) black peak (02/16) to confirm next leg up is in progress. At this stage all the long positions from the Blue Box zone should be risk free.

GBPUSD 1 Hour Elliott Wave Analysis 2.22.2020

Eventually we got further rally. The pair ended short term cycle from the 1.3828 low as (i) blue and gave us pull back (ii). We assume short term (ii) pull back is over and expect more upside. We don’t recommend selling the pair in any proposed pull back and favor staying long from the Blue Box area within risk free positions.

Keep in mind that market is dynamic and presented view could have changed in the mean time. 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. You can check most recent charts in the membership area of the site.

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Elliott Wave View: Buying the Dips in GBPUSD

February 16, 2021 By EWFHendra

Short term Elliott wave view in GBPUSD suggests the pullback to 1.3562 ended wave ((ii)). Internal of the decline unfolded as a triple three structure. Down from wave ((i)) high on January 27 at 1.3759, wave (w) ended at 1.3628 and bounce in wave (x) ended at 1.3758. Pair has resumed lower again in wave (y) towards 1.3610, and wave ((x)) bounce ended at 1.3683. Final leg wave (z) of ((ii)) ended at 1.3562.

Pair has now resumed higher in wave ((iii)) with internal subdivision as an a 5 waves impulse Elliott Wave structure. Up from wave ((ii)) low, wave i ended at 1.3739 and pullback in wave ii ended at 1.3679. Pair then resumed higher again in wave iii towards 1.3866, and pullback in wave iv ended at 1.3773. Pair should end wave v soon and this should complete wave (i) of ((iii)). Pair should then pullback in wave (ii) of ((iii)) in 3, 7, or 11 swing to correct cycle from February 4 low (1.3562) before the rally resumes in wave (iii) of ((iii)). As far as February 4 pivot at 1.3562 stays intact, expect dips to find buyers in the sequence of 3, 7, 11 swing for further upside.

GBPUSD 1 Hour Elliott Wave Chart

GBPUSD Elliott Wave Video

Elliott Wave View: GBPUSD Bullish Sequence Favors More Upside

December 16, 2020 By EWFHendra

GBPUSD shows an incomplete bullish sequence from March low, favoring more upside. Shorter cycle, the rally from September 23 low is unfolding as a 5 waves impulsive Elliott Wave structure. In the 45 minutes chart below, we can see wave (4) of this impulse ended at 1.3131. Internal subdivision of wave (4) unfolded as a double three structure. Wave W ended at 1.322, bounce in wave X ended at 1.3478, and wave Y of (4) ended at 1.313.

Pair ended wave Y of (4) at the 100% – 123.6% fibonacci extension of wave W at 1.3086 – 1.316 as highlighted in the blue box. Pair has since turned higher from the blue box, allowing traders who bought at the blue box to create a risk free position. Wave (5) higher is now in progress as an impulse structure. Up from wave (4) low at 1.313, wave ((i)) ended at 1.344 and pullback in wave ((ii)) ended at 1.3278. Pair then resumes higher again in wave ((iii)). Up from wave ((ii)), wave (i) ended at 1.347. As far as wave (4) pivot at 1.313 stays intact, dips should continue to find support in 3, 7, or 11 swing for more upside.

GBPUSD 45 Minutes Elliott Wave Chart

GBPUSD Elliott Wave Video

GBPUSD : Visible Bearish Market Pattern Hitting a Resistance Zone

September 27, 2020 By EWF Aidan

On September 16 2020 I posted on social media Stocktwits/Twitter @AidanFX “GBPUSD Watch for selling opportunities as long price stays below 1.3060.” The chart below of the GBPUSD pair was also posted on social media StockTwits/Twitter @AidanFX September 16 2020 showing that a bearish market pattern (light blue) formed and triggered SELLS at the 0.886% Fib. retracement level. The bearish pattern (light blue) also triggered SELLS in a key resistance zone (pink) which was clearly visible and signalled to traders to look for only selling opportunities. I called for traders to SELL GBPUSD and only a move above the pink resistance zone would invalidate the SELL trade setup. Stop loss was set above this zone targeting the green 1:1 RR and 1:2 RR targets.

GBPUSD 1 Hour Chart September 16 2020

GBPUSD eventually moves lower and on September 23 2020 price hits the 1:3 RR target at 1.2703 from 1.29973 for +270 pips. The chart below also displays bearish divergence patterns before the decline and during the move lower. If you followed me on Twitter/Stocktwits @AidanFX you too could have caught the GBPUSD move lower.

GBPUSD 1 Hour Chart September 23 2020

Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan

At Elliottwave-Forecast we cover 78 instruments (Forex, Commodities, Indices, Stocks and ETFs) in 4 different time frames and we offer 5 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos and we have a 24 Chat Room. Our clients are always in the loop for the next market move.

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GBPUSD : Market Patterns Signalling the Move Lower

June 29, 2020 By EWF Aidan

On June 16 2020 I posted on social media Stocktwits/Twitter @AidanFX “GBPUSD watching for SELLS“.

The chart below was also posted on social media StockTwits/Twitter @AidanFX June 16 2020 showing that a bearish market pattern (blue) formed which then triggered the pair to react with a move lower. A bearish divergence pattern (purple) also formed and was clearly visible which also signalled for the move lower. Dynamic (black) and static (pink) resistance plus the 0.618% Fib. level (orange) also added to the reaction lower from the blue box confluence zone. Momentum indicator crossed below the 100 level confirming the SELL and for momentum to continue lower. I called for traders to SELL GBPUSD and only a move above the confluence zone would invalidate the SELL trade setup. Stop loss was set above the confluence zone targeting the green 1:1 RR and 1:2 RR targets.

GBPUSD 4 Hour Chart 6.16.2020

GBPUSD continues lower the rest of the trading week and on June 21 2020, the start of the new trading week, price reaches the 1:2 RR target at 1.2335 from 1.2570 entry for +235 pips. If you followed me on Twitter/Stocktwits @AidanFX you too could have caught the GBPUSD move lower.

GBPUSD 4 Hour Chart 6.21.2020

*** Always use proper risk/money management according to your account size ***

At Elliottwave-Forecast we cover 78 instruments (Forex, Commodities, Indices, Stocks and ETFs) in 4 different timeframes and we offer 3 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos and we have a 24 Chat Room. Our clients are always in the loop for the next market move.

Try Elliottwave-Forecast for 14 days FREE !!! Just click here –> 14 day FREE trial