GBPUSD: EW perspective (A rise, then a drop)
Dear traders,
I would like to present to you my Elliott Wave (EW) perspective of the GBP/USD currency pair. Based on my analysis, I expect to see a temporary bullish correction followed by a bearish move from the broken support level, ultimately leading to a decline towards the 1.16300 region.
It is important to note that my level of invalidation for this analysis is 1.2065, which means that if the price exceeds this level, my outlook would be deemed incorrect. Therefore, I suggest closely monitoring the 1.19000 region for a potential selling opportunity.
Thank you for your attention and good luck with your trading endeavors.
I would like to present to you my Elliott Wave (EW) perspective of the GBP/USD currency pair. Based on my analysis, I expect to see a temporary bullish correction followed by a bearish move from the broken support level, ultimately leading to a decline towards the 1.16300 region.
It is important to note that my level of invalidation for this analysis is 1.2065, which means that if the price exceeds this level, my outlook would be deemed incorrect. Therefore, I suggest closely monitoring the 1.19000 region for a potential selling opportunity.
Thank you for your attention and good luck with your trading endeavors.
Comment:
First scenario played out, but SVB collapse weakened dollar value and drove the pair to the upside.