GBP/USD Elliott Wave technical analysis [Video]
The Elliott Wave analysis for the GBPUSD daily chart reflects a bullish trend, indicating upward market movement. The current price action is in an impulsive mode, which signals sustained upward momentum in line with the broader market trend. The wave being monitored is Gray Wave 3, a significant wave in Elliott Wave theory, usually associated with strong upward movement within the trend.
Currently, the market is in Orange Wave 3, which is part of the larger impulsive structure of Gray Wave 3. This suggests that the price is in a phase where sustained upward momentum is expected, aligning with the overall bullish framework. Read more...
GBP/USD Forecast: Pound Sterling could face next resistance near 1.3350
Following Thursday's volatile action, GBP/USD gathers bullish momentum and trades at its highest level since March 2022 above 1.3300 in the European morning on Friday. The pair's near-term technical outlook points to overbought conditions.
The Bank of England (BoE) announced on Thursday that it left the policy rate unchanged after the September meeting, as expected. In a hawkish surprise, only one policymaker voted in favor of a 25 basis points rate cut. Speaking later in the day, BoE Governor Andrew Bailey said that he is optimistic that interest rates in the UK will fall but added that they need to see more evidence of residual inflation pressure disappearing. Although GBP/USD retreated slightly after the BoE event, it closed in positive territory on Friday. Read more...
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