Friday, March 24, 2017

Elliott Wave Analysis of GBP/USD - Triangle consolidation in wave 4 finally looks complete

GBP/USD - Weekly

GBP/USD - Daily 

GBP/USD - 4 Hourly





GBP/USD - Triangle consolidation in wave 4 finally looks complete 

The triangle consolidation, which has dominated the picture since early October 2016 is finally coming to an end and renewed downside pressure in wave 5 should now be expected towards at least 1.0755 and likely even closer to the long term target seen at 0.9534 (see the long-term outlook here).

Short-term, a break below minor support seen at 1.2422 will be the first good indication that wave E of 4 has completed, while a break below support seen at 1.2333 will confirm that wave 4 has completed and wave 5 lower is unfolding.

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