GBP/USD forecast: The sterling pound is still fragile before US data.
The GBP/USD starred in a rebound and stabilized above 1,3300 after falling to 1,3270 at the beginning of Thursday. The technical panorama of the PAR is not yet aim at an accumulation of bullish impulse while investors expect the publication of US macroeconomic data.
The GBP/USD was subjected to bearish pressure in the middle of the week, since the US dollar (USD) maintained its strength despite the disappointing growth of growth. The US Economic Analysis Office reported Wednesday that the Gross Domestic Product (GDP) of the US contracted an annual rate of 0.3% in the first quarter, according to the initial estimate. Read more…
Elliott of GBP/USD wave technical analysis [Video]
The daily analysis of the GBPUSD shows a correction against the trend that develops within a broader bearish movement. The torque has finished the fall of the 1 navy blue wave and has now begun the correction of the Blue Navy wave, continuing inside the wider bearish trend of the Gray wave. This configuration suggests a short -term bullish setback before the main bearish trend may resume.
The Blue Navy wave indicates a correction phase that generally goes back between 38% and 61% of the wavefall 1. This often forms standard corrective patterns such as zigzags or plans. After the strong downward movement of wave 1, the conditions are now established for this setback, which typically presents overlapping prices and a weaker impulse. The daily temporal framework points to a medium -term pause in the general bearish sequence. Read more…
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
