GBPUSD WAVE ANALYSIS (FULL PICTURE)
Since finding a low in September 2022 at about 1.03 price level, this symbol has been trending up. It has completed an Elliot wave pattern from the 1.03 floor to a high of about 1.2683.
The pair is currently undergoing an A-B-C correction and the solid line at point B (1.2535) is the 0.618 fib correction from the recent high and also a former resistance in April 2023. If this resistance holds, I expect price to fall to the 1.2015 level which is also the 1.272 level of the recent high (wave 5, price of 1.2683) and points A and B.
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The pair is currently undergoing an A-B-C correction and the solid line at point B (1.2535) is the 0.618 fib correction from the recent high and also a former resistance in April 2023. If this resistance holds, I expect price to fall to the 1.2015 level which is also the 1.272 level of the recent high (wave 5, price of 1.2683) and points A and B.
If you like these analysis or they are helpful to you in any way please like and follow me.