GBP/USD Elliott Wave: Buying the dips at the blue box area
In this technical article we’re going to take a quick look at the Elliott Wave charts of GBP/USD Forex Pair, published in members area of the website. As our members know, GBPUSD has recently given us correction against the 1.2664 low. The pair reached our target zone and completed correction right at the Equal Legs ( Blue Box Area) . In further text we’re going to explain the Elliott Wave pattern and trading setup.
GBPUSD is correcting cycle from the 1.2664 low. The pull back shows lower low structure. Current view suggests another push down toward the extreme zone ( Blue Box ). Despite the expected extension lower, we advise against selling GBPUSD at this stage. Read more…
GBP/USD Forecast: Pound Sterling stabilizes, maintains bullish bias
GBP/USD started the week on a bullish note and registered impressive gains on Monday. The pair seems to have entered into a consolidation phase above 1.3200 in the European morning on Tuesday. Investors could refrain from taking large positions ahead of key data releases and central bank meetings.
The selling pressure surrounding the US Dollar (USD) fuelled a leg higher in GBP/USD on Monday. The improving risk mood amid growing optimism about a large Federal Reserve (Fed) rate reduction this Wednesday weighed heavily on the USD. Read more…
Source: https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-usd-buying-the-dips-at-the-blue-box-area-202409171129