empty
 
 
27.12.2019 11:57 AM
Short-term Elliott wave analysis on GBPUSD

GBPUSD has reached our minimum pull back target of 1.29 and is now bouncing as per our expectations. The most probable wave scenario implies that we are still in a corrective phase and another leg lower should follow.

This image is no longer relevant

Red lines - most probable price path

GBPUSD has pulled back towards the 38% Fibonacci retracement level as we expected from our analysis back on December 17th. 1.29 was our minimum pull back target area and GBPUSD reached as low as 1.2904. As shown by the chart above, our expectation was to see price bounce from 1.29 area towards 1.31-1.32. The most probable wave scenario is that so far price has completed wave A of the corrective pull back and is now in wave B. A wave C lower towards the 61.8% Fibonacci retracement should follow. But markets are not perfect as to follow the theory according to textbooks, so take this scenario under serious consideration but we are also open to other possibilities. It is important to see the short-term wave structure of this upward move in order to define how much more upside this current move has to give.

Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $1000 más!
    ¡En Junio, sorteamos $1000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 100% de bonificación
    Su oportunidad única de obtener un bono del 100 % en su depósito
    OBTENER BONO
  • 55% de bonificación
    Solicite un bono del 55% en cada depósito
    OBTENER BONO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback