In the GBP/JPY pair's 4-hour timeframe, a bearish movement is evident as the Elliott Wave analysis suggests completion of the 12345 sequence, indicating a potential correction. Following this, the correction pattern ABC is anticipated. Moreover, with the price having completed around a 38% retracement of the last impulse, further downside movement aligns with a potential downtrend scenario. Traders may monitor key support levels for potential entry points in line with this bearish outlook.
In the GBP/JPY pair's 4-hour timeframe, a bearish movement is evident as the Elliott Wave analysis suggests completion of the 12345 sequence, indicating a potential correction. Following this, the correction pattern ABC is anticipated. Moreover, with the price having completed around a 38% retracement of the last impulse, further downside movement aligns with a potential downtrend scenario. Traders may monitor key support levels for potential entry points in line with this bearish outlook.