#GBPUSD Elliott Wave Analysis
Cable is testing the limits of the range. Choppy price action, no clean direction yet. This is what late-stage corrections look like.
#GBPUSD 🇬🇧🇺🇸
Cable is testing the limits of the range. Choppy price action, no clean direction yet. This is what late-stage corrections look like.
The larger picture stays bullish. Wave V is forming, but first the correction needs to finish. Wave â’· is in. Wave â’¸ is developing to the downside.
Our zone is the 0.382 Fib, sitting on strong horizontal support. This is where â’¸ is most likely to complete.
But one thing to watch. Price can test below before turning. A false break into the 0.5 or 0.618 Fib is possible in a market this choppy.
How we trade this:
We wait for the correction to finish and evaluate the trend at the start of the bullish leg. That's where the high RRR setup lives. Tight SL below â’¸. Target back toward the highs.
We don't trade the noise. We trade the clean reversal.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Elliott Wave analysis involves subjective interpretation. Always do your own research and manage your risk accordingly.
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