Forex Trading Library

GBPUSD Cycle Triangle Completion

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The GBPUSD cycle trend shows that the last wave e of the global triangular figure has come to an end.

At the time of writing, we are at the beginning of constructing a new bearish impulse wave of the intermediate degree.

Impulse wave (1) is complete, whereas the correction wave (2) is nearing its end.

In the medium term, we can expect a decline in the impulse below 1.318.

gbpusd elliott

However, an alternative scenario shows that wave e is still continuing its development.

In this case, within the intermediate bullish impulse (5), the horizontal correction 4 of a minor degree, which is a skewed triangle, is already complete.

In the next trading days, an increase in prices in wave 5 to the 1.387 area is expected.

At that level, minor wave 5 will be at 50% of impulse 3.

Test your strategy on how the GBP will fare! Open your Orbex Account and start trading now. 

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