GBP-USD Elliott Wave Analysis For Week Starting 09-16-24 And Ending 09-20-24.

G. Samdani Avatar

·

·

Current Trend: The GBP/USD pair is currently in an uptrend on the daily chart. It has been steadily gaining ground, supported by a combination of factors including weaker US dollar sentiment and positive economic condition from the UK.

Key Technical Level: 1.3142

If the GBP/USD pair can break above the 1.3142 level and stay above it, it could continue its upward momentum, potentially targeting the 1.3380 and then 1.3502 level to complete the wave iii of wave 3

GBP-USD daily chart showing the bullish scenario as Elliott Wave Counts.

If the GBP/USD pair can not break above the 1.3142 level and if the USD starts to get strong and bounce from the support it is sitting on then GBP-USD will drop below 1.3142.

  1. Market Volatility: The upcoming week could see increased market volatility due to various economic releases and geopolitical events. Traders should be prepared to adjust their positions accordingly.

2.Key Factors to Watch:

  • US Economic Data: The release of US economic data, such as the Non-Farm Payrolls report, could significantly impact the US dollar and, consequently, the GBP/USD pair.
  • UK Economic Data: Positive economic data from the UK could further support the GBP.
  • Geopolitical Events: Any major geopolitical developments could influence risk sentiment and impact the GBP/USD pair.

Leave a Reply

Your email address will not be published. Required fields are marked *