GBP has been in an intermediate downtrend for 5 months. You all know I am a strong believer in Elliott Wave theory. GBP has now painted and almost concluded a flat formation. This is the corrective wave after the 3rd impulsive wave we have witnessed until march 2020. You can appreciate all of these by following my guidelines in the chart. I am now expecting GBP to retrace one last time to around 1.366 before starting a good bullish rally. Different indicators such as Stoch RSI, RSI, KST, CMO are turning bullish, with the weekly looking prime. You can appreciate my targets level from this chart with 1.55 as a final target for the last impulsive wave (it will take months to reach this level). I will follow this chart with the 4h timeframe chart for the short term move.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.