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GBPUSD Elliott Wave Analysis: Corrective Retracement From 1.6995

GBPUSD traded higher last week and made an overlap with 1.6810 which means that any bearish impulse wave count has been invalidated. As such, we are now observing a new, bullish interpretation because reversal from around 1.6995 can be counted as a double zigzag. Notice that price also found a support a week back around the lower support line of a trading channel. This usually occurs at the end of a corrective move, so if we see a rally back above the upper channel resistance line we should seriously consider the bullish case. However, a break and daily close above the upper trend line is needed to confirm further strength.

GBPUSD 4h Elliott Wave Analysis

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