GBPUSD
traded higher last week and made an overlap with 1.6810 which means
that any bearish impulse wave count has been invalidated. As such, we
are now observing a new, bullish interpretation because reversal from
around 1.6995 can be counted as a double zigzag. Notice that price also
found a support a week back around the lower support line of a trading
channel. This usually occurs at the end of a corrective move, so if we
see a rally back above the upper channel resistance line we should
seriously consider the bullish case. However, a break and daily close
above the upper trend line is needed to confirm further strength.
GBPUSD 4h Elliott Wave Analysis
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