GBPUSD Elliot-Wave theory
British Pound/U.S. Dollar FX:GBPUSD
After a complete Elliot-Wave 12345 ABC pattern on the 4HR time frame making wave 1 & 2 on the Daily, we are now expecting wave 3 on the Daily. Going down on to the 4HR time frame we can see we have made the 1st wave along with the correction wave 2. Price has held support at the 0.786 Fibonacci Retracement level. We have entered the trade long with a very tight stop giving us a great risk to reward ratio. Will we see GBPUSD trade higher to complete wave 3 or will we break the 0.786 level and trade lower ??