Elliott wave Analysis: GBPUSD and Crude oil Intra-day View

Intermediate

GBPUSD made a five-wave rally from the 1.240 level, and ended it with an EW ending diagonal at the 1.28 level. Current intra-day drop that we see from the highs, can be part of an unfolding a-b-c correction, which can look for support and a bounce near the 1.261/1.255 region.

GBPUSD, 1h

intra-day gbpusd

Crude oil can now be ending blue wave c, as part of a bigger three-wave recovery up from the 42.53 level. Resistance and a reversal lower can follow from the 50.0 psychological level, where the upper channel line may react as a turning point. A minimum three-wave drop may follow, however, a bounce from current levels would suggest an incomplete wave c rise.

Crude oil, 1h

intra-day oil

Gregor Horvat

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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