Elliott Wave Analysis of GBP/USD - Long-term Count
It has been quite a while since I has updated anything here. But as I was reviewing the updates, I thought it would be appropriate to update my GBP/USD post from July 30, 2019.
Now a year and a half later we have seen the expected dip in wave C/ close to the expected target at 1.0842 (Wave C/ bottomed at 1.1414) which completed the ending diagonal that had been unfolding since November 2007 and now we should be looking for wave C higher to just above the peak of wave A at 2.0178 in the years to come.
A break above short-term resistance at 1.3515 will confirm more upside progress towards solid long-term resistance at 1.4198, but ultimately this resistance should be broken too for a continuation towards 2.0178.
That said, we might see a failure to break above 1.3515 in the near run, due to failed Brexit negotiations. This could add temporary pressure on Cable for a corrective dip to 1.2762 before renewed strength through resistance at 1.3515.
So be aware of a possible set-back in the weeks to come and a corrective dip towards 1.2762 before the next possible push higher.
Remember the trend and patience are your friends
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