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GBP/USD, H4:
The long-term formation of the GBP/USD pair hints at an upward triple zigzag. On the four-hour time frame, we see the middle part of this zigzag – the bullish wave Y.
It seems that wave Y is fully equipped with sub-waves [W]-[X]-[Y] and is a double zigzag. The market is currently moving in a downward direction as part of the second wave of bundle X. It is assumed that it will have the structure of a standard zigzag [A]-[B]-[C].
Let's consider the last part of the chart on the hourly time frame.
GBP/USD, H1:
Taking a closer look at the structure of GBP/USD on the H1 time frame, we see that the bearish wave [A], which is a five-wave impulse, has been fully completed in the composition of the downward wave X. Then the price started to rise within the upward correction [B].
Correction wave [B] potential zigzag (a)-(b)-(c). The bearish wave (b) has likely come to an end. Thus, in the short term, we could see the growth of the currency pair in the final impulse wave (c).
It would be profitable for the GBP/USD pair to complete the wave (c) in the 1.4035 mark. At this level, the values of the impulse sub-waves (a) and (c) will be equal to 100% along the Fibonacci lines. Since, according to Elliott's rules, impulse waves in zigzags tend to be equal, the probability of reaching this mark is high.
We will continue to monitor the price behavior in the future.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
