GBP/USD Elliott Wave Cycles Point Higher To Yearly Highs
Covid cases in the UK are dropping which can be positive for the markets as there is a speculation that similar may happens with delay in other countries.
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Summary
- Covid cases drop in the UK
- BOE can have positive impact on Cable
- GBPUSD unfolds wave 5 to the yearly highs
Also BOE policy this Thursday can have a positive impact on cable as well.
GBP/USD is bouncing away from 38.2% Fibonacci support level as expected which suggests that wave four might have ended and that wave five is underway back to the yearly highs. In the meantime 1.3474 remains invalidation level as wave four must not trade into a territory of a wave one.
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GBPUSD Daily Elliott Wave Analysis Chart
On 4h chart we can see pair is making a nice five waves up from the lows so this trend will be expected to resume after any three wave set-back. First support is at 1.384 area while lower support zone is then at 1.3720-1.3785.