GBPUSD – Technical Analysis on H1
On the GBPUSD chart, the Elliott Wave count suggests that wave 5 may have already completed, and the final ABC corrective cycle is now in progress. While this remains a corrective expectation, it aligns with the broader downward channel currently in play.
Price action at the termination of wave 5 coincided with a prior resistance zone, adding further weight to the expectation of a pullback from this level.
The plan now is to look for buying opportunities on minor retracements as price seeks liquidity, while also keeping an eye on short setups around resistance.
Trading Scenarios
Buy Setup
Entry: 1.3480 – 1.3490
Stop Loss: 1.3450
Take Profit: 1.3510 – 1.3535 – 1.3560 – 1.3600
Sell Setup
Entry: 1.3530 – 1.3540
Stop Loss: 1.3570
Take Profit: 1.3515 – 1.3490 – 1.3460 – 1.3430
I hope this trading outlook proves useful for you. Stay tuned for more updates and let’s follow the market closely together.
On the GBPUSD chart, the Elliott Wave count suggests that wave 5 may have already completed, and the final ABC corrective cycle is now in progress. While this remains a corrective expectation, it aligns with the broader downward channel currently in play.
Price action at the termination of wave 5 coincided with a prior resistance zone, adding further weight to the expectation of a pullback from this level.
The plan now is to look for buying opportunities on minor retracements as price seeks liquidity, while also keeping an eye on short setups around resistance.
Trading Scenarios
Buy Setup
Entry: 1.3480 – 1.3490
Stop Loss: 1.3450
Take Profit: 1.3510 – 1.3535 – 1.3560 – 1.3600
Sell Setup
Entry: 1.3530 – 1.3540
Stop Loss: 1.3570
Take Profit: 1.3515 – 1.3490 – 1.3460 – 1.3430
I hope this trading outlook proves useful for you. Stay tuned for more updates and let’s follow the market closely together.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.