Elliott Wave view: GBP/USD starts a new bullish cycle [Video]
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Summary:
Short term Elliott Wave view in GBPUSD suggests that the rally from 4.12.2021 low unfolded as an impulse Elliott Wave structure. Up from April 12 low, wave 1 ended at 1.423 and wave 2 pullback ended at 1.4089. Internal subdivision of wave 2 unfolded as a zigzag Elliott Wave structure. Down from wave 1, wave ((a)) ended at 1.411 and wave ((b)) bounce ended at 1.4211. Pair then resumes lower in wave ((c)) which ended at 1.4089. This completed wave 2 in higher degree.
The pair has extended higher again in wave 3. Internal of wave 3 is unfolding as another impulse in lesser degree. Up from wave 2 low, wave (i) ended at 1.414 and pullback in wave (ii) ended at 1.4112. Wave (iii) ended at 1.4196, wave (iv) ended at 1.4167, and final leg higher wave (v) ended at 1.4219. This completed w ...
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