Don’t stress mate - you get extra “Points” for “Flagging” posts
Looks like it’s trying to squeeze down to 3450 support area this week.
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Pound hits its highest since Brexit, by being overbought territory might cause the pair lose its upward strength and lead to possible correction movement. But there is still higher high on the table, buying interest remains strong.
With US government shutdown and French President Emmanuel Macron suggested the UK might get the special solution put Pounds bullish trend remains intact. 1.3900 act as a crucial resistance level, break above would clear the way to the upside.
Cable cracked 1.40, but consolidation is expected before next upleg, according to indicators on the H4 which are yet located within positive territory, but are losing upward strength.
Anyone have a guess as to when the reversal will appear and how deep it will go? My short position is starting to feel awfully burdensome.
The pound recorded a neutral session against the dollar on Tuesday. Although early bearish sentiment prevailed, the opening price was close to that of closing - 1.3983 and 1.3996. The difference between the highest and lowest values ??for the day was not 111 pips. Short-term expectations remain in favor of the British currency.
Key levels to watch for:
Support: 1.3737; 1.3522;
Resistance: 1.4034; 1.4164;
Elliott Wave Analysis: GBPUSD ended wave (4) correction
GBPUSD Short Term Elliott Wave view suggests that pair ended Intermediate wave (2) at 1.33 on 16 December 2017. Up from there, Intermediate wave (3) rally is unfolding as 5 waves impulse Elliott Wave structure where Minor wave 1 ended at 1.3613, Minor wave 2 ended at 1.3456, Minor wave 3 ended at 1.3943, Minor wave 4 ended at 1.3797, and Minor wave 5 of (3) ended at 1.434.
Pullback to 1.4084 today is proposed to have ended Intermediate wave (4) at 1.4084, but pair still needs to break above Intermediate wave (3) at 1.434 to confirm this view. Until then, a double correction in Intermediate wave (4) still can’t be ruled out. Near term, while pullbacks stay above 1.4084, but more importantly as far as pivot at 16 December 2017 low (1.33) stays intact, expect pair to extend higher. We don’t like selling the pair.
GBPUSD 1 Hour Elliott Wave Chart
I like the movement of pound. Shows character.
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So what you’re saying is that it’s going to go up, unless of course it’s going to go down, and we won’t know which until we see which way it goes?
Well, that’s in accordance with most of the other Elliot Wave based forecasts I’ve ever seen in my life.
(That is, of course, apart from the ones that say it’s going to go down, unless of course it’s going to go up, and we won’t know which until we see which way it goes.)
If it’s not a rude question, what do you get out of posting this stuff here?
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Pull back to 1.40404 if that breaks look for 1.3900 or 1.38205 reversal points…
A Strong Break Past 1.42800 should Prompt more bullish.
My amateur opinion Only.
… Like… Elliot … 
… A Big Wave … 3 on a Bigger Wave 1 he he
Which ever way it goes you can bet theres a shakeout…
GBP/USD bottomed today at 1.3979, but rebounded and currently is hovering around 1.4100. The upside is capped by the 20-day SMA and indicators has lost momentum. The pair will consolidate before trying to test the first resistance at 1.4150.
The British pound recorded a positive session against the US dollar on Wednesday. The currency pair opened at 1.4144 and ended 45 pips higher. The chart continued to grow above the moving averages, while the relative strength index remained neutral. For additional pound gains, a breakthrough on the next resistance is needed.
Key levels to watch for:
Support: 1.4015; 1.3850; 1.3655;
Resistance: 1.4315;
On Thursday, the dollar slightly rose in price against other major currencies, receiving support as a result of a positive statement by the Fed, made on Wednesday after the results of its meeting. GBP rate fell: GBP/USD sank by 0.16% to 1.4168.
The pair is still trading along with a sideways trend between support 1.3975 and resistance at 1.4350. Break above would lead to next resistance target at 1.4600, on the downside 1.3500 act as the crucial support.
The short term outlook for the GBP/USD pair turned into bearish after Friday’s NFPs and bad UK PMIs today. Cable is down today with some 100 pips and now poised is to extend its decline. First support comes at 1.3979 (last week’s low) and in case of breaching it, doors will be opened for testing 1.3940.
The pound recorded a neutral session against the dollar on Tuesday. So the couple stayed at the lower levels they reached at the beginning of the week. Trading was open at 1.3957, and the finale was 11 pips down. Around midday, the bearish moods prevailed, and support at 1.3912 was punctured after the bottom was hit at 1.3836. Short-term expectations remain in favor of the US currency.