Gregor Horvat
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  • 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.

GBPUSD 4h Elliott Wave Analysis Chart

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