Elliott waves analysis – We’re long

GBPUSD – Flat

GBPUSD is currently in an impulsive phase and forming the impulsive major wave „V“. The market has also formed a falling wedge pattern, which is typically considered a bullish reversal pattern. This falling wedge extends from the major impulsive wave „III“ at 1.2848 to the major impulsive wave „IV“ at 1.2611. The expectation is that the market will form a double top at 1.2611 and then rise up to 1.3018, which is marked as the major impulsive wave „V“. This suggests a potential bullish move in GBPUSD.

Trade Recommendations:

We’re long

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