Currency pair : GBP/USD.

GBP/USD Elliottwave Signal :-

TimeFrame = 4Hrs (Medium Term with Medium Risk Trade)

Signal = Buy Limit at the price of 2.0300.

Risk Reward Ratio = 3.0+ (Medium risk)

First target profit= 2.0500 area  and 2nd target =2.0630 area.

Stop Loss is below recent low support at 2.0250 area.

Great Britain Pound Elliott wave Analysis :-

Last week GBP/USD has reached our limit price of 2.0500 area with the highest price quote = 2.0492 point.It then retrace till today at bottom 2.0255 before building up new bullish momentum after US release their FOMC Meeting Minutes.

Our view for recent bullish momentum is a start of the new impulsive submicro elliott wave (i ii iii iv v).So today we release a new signal setup for medium term GBP/USD.

Our entry for this signal is at early of wave ii expected between 2.0275-2.0300 area.

Previous high at 2.0490~2.0500 area is our first target and 161.8% of fibonacci expansion is our last target for submicro wave iii.

For first target we expect it will be archive at the last week of this month, and 2nd target is for next month.

We have refined our last count and this is our latest GBP/USD Elliott wave count :-

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Currency pair : GBP/USD.

GBP/USD Elliottwave Signal :-

TimeFrame = 4Hrs (Short Term with High Risk Trade)

Signal = Sell Limit at the price of 2.0500.

Risk Reward Ratio = Between 0.3~8.0 (high  risk)

We have two target profit for this signal.First is st = 2.0430 area and second is between 2.0315~2.0355  area.

Stop Loss at high of possible extended wave v at 2.0565 area.

Great Britain Pound Elliott wave Analysis :-

Finally our 3rd target of previous Elliott wave GBP/USD signal has been hit.Its a 250+ pips profit.

If you made a trailling stop we suggest to continue trail until market reached 2.0500 area.

But if your trades all has been closed we strongly advice to prepare for our next signal.

From Our view, market has hit our first target as a norm wave iii then it retrace to wave iv before continue its  bullish trend for wave v.

Now the market has reached the wave v zone, does it means that it will collapse anytime soon? To answer that question we have  to wait for next GBP/USD pattern.

There is two possibilities, one is a minor retracement before GBP/USD continue to extended wave v.

Second is a medium a-b-c correction towards 61.8% of fibonacci retracement area.

This is two  possibilities made our current signal a high risk trade.We choose the first possibility which GBP/USD could extend to at least 2.0500~2.0550 area.Only than we could enter short.So for this trade we can set Sell Limit order at 2.0500 and set a target for a-b-c correction wave down.

Below is our two possibilities of GBP/USD Elliott wave counts :-

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