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GBP/USD Elliott Wave Cycles Point Higher To Yearly Highs

By:
Gregor Horvat
Published: Aug 2, 2021, 09:13 UTC

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.

GBP/USD Elliott Wave Cycles Point Higher To Yearly Highs

In this article:

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.

Chart, histogram

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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.

GBPUSD Daily Elliott Wave Analysis Chart

Graphical user interface, chart

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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

Graphical user interface, chart, scatter chart

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About the Author

Gregor Horvatcontributor

Gregor is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that, he was working for Capital Forex Group and TheLFB.com.

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