GBP/USD Price Analysis: Off weekly bottom above 1.3800 but not out of woods
The GBP/USD pair’s bounce off weekly bottom remains capped around 1.3835-40 during the early Asian session on Thursday. In doing so, the cable pair justifies its sustained trading below one-month-old resistance line and bearish Momentum, as well as downbeat RSI.
However, the bears have a tough nut to crack on hand as multiple levels marked since early March, around 1.3810–3800, challenge the further declines targeting the yearly low surrounding 1.3670.
Elliott Wave View: GBP/USD may see further pullback [Video]
Short term Elliott Wave View in GBPUSD suggest that the decline from June 1, 2021 high is unfolding as a 5 waves impulse Elliott Wave structure. Down from June 1, wave (1) ended at 1.3784 and rally in wave (2) ended at 1.4. Wave (3) lower is currently in progress and unfolding in a 5 waves impulse in lesser degree. Down from wave (2), wave (i) ended at 1.3946 and bounce in wave (ii) ended at 1.3986. Pair resumes lower in wave (iii) towards 1.388, and bounce in wave (iv) ended at 1.3939. Final leg lower wave (v) ended at 1.3869 and this completed wave ((i)) in higher degree.
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