ORBEX: Correction Could Have Ended At 1.2767 Low! What Then?
GBPUSD could have ended the wave minor 4 correction at 1.2768 Nov 8 low.
This scenario sees the current structure as impulsive with minute waves 1,2 and 3 (perhaps 4 too) completed.
In case prices slide below 1.2886 we could see the end of minuette wave a, then receive a b and c lower as part of an a,b,c zigzag. However, if prices break above 1.2940 the chances that we will see minute wave 5 creating fresh highs could increase. This could be followed by a minute correction a,b,c, and then another bullish impulse to complete minor wave 5 (intermediate wave 3).
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
This scenario sees the current structure as impulsive with minute waves 1,2 and 3 (perhaps 4 too) completed.
In case prices slide below 1.2886 we could see the end of minuette wave a, then receive a b and c lower as part of an a,b,c zigzag. However, if prices break above 1.2940 the chances that we will see minute wave 5 creating fresh highs could increase. This could be followed by a minute correction a,b,c, and then another bullish impulse to complete minor wave 5 (intermediate wave 3).
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
