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Elliott Wave analysis for GBPUSD: Just Upward Correction Before Another Leg Down

After making a breakout from the contracting triangle pattern, the currency pair GBPUSD made a sharp bounce within the last four weeks as we can see wave c as part of a three wave correction within a primary downtrend. That said current wave c in C in (4) may see limited upside in the next few trading weeks around the Fibonacci ratio 38.2% of wave (3) on weekly chart, before making a new drop towards wave (5).

My intraday outlook for GBPUSD is bullish, and my short-term outlook is also bullish. My medium-term outlook remains neutral.

Intraday outlook (next 24 hours): bullish
Short-term outlook (next 1-2 weeks): bullish
Medium-term outlook (next 1-3 months): neutral
Long-term outlook (next year): neutral/bearish.

By Jack Huyn

Disclosure:
Please be informed that information I provide is for educational purposes only and not intended as investment advice. Information and analysis above are derived from utilising methods believed to be reliable, but I cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.
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