GBP/USD Forecast: Pound Sterling rebounds but remains fragile
GBP/USD turned south in the American session on Wednesday and lost 0.5%, posting ts largest one-day loss since late April. Although the pair managed to recover above 1.2700 in the European morning on Thursday, it might have a difficult time gathering bullish momentum.
The negative shift seen in market mood helped the US Dollar (USD) find demand as a safe-haven and caused GBP/USD to push lower. Reflecting the risk-averse atmosphere, Wall Street's main indexes lost between 0.7% and 1.05%. Read more...
GBP/USD Elliott Wave technical analysis [Video]
The GBPUSD Elliott Wave Analysis on the daily chart evaluates the price action of the British Pound against the U.S. Dollar using Elliott Wave Theory. This technical analysis is focused on the trend function, indicating that the market is following a specific directional movement. The mode of this trend is classified as impulsive, suggesting strong directional momentum rather than a corrective or sideways movement.
The primary wave structure being examined is orange wave 4, which is part of a larger sequence identified as navy blue wave 1. This classification implies that the market is undergoing an impulsive phase within the initial stage of a larger upward movement. The position of the market within navy blue wave 1 indicates that the current orange wave 4 is a corrective phase within this larger impulsive trend. Read more...
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