British Pound/U.S.Dollar (GBPUSD) 4 Hour Chart Elliott Wave Technical Analysis 3 November 23

[tradinglounge]

GBPUSD Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 3 November 23

British Pound/U.S.Dollar (GBPUSD) 4 Hour Chart

GBPUSD Elliott Wave Technical Analysis

Function:Counter Trend

Mode: impulsive

Structure: wave 5 of C

Position:   2/B

Direction;Next Lower  Degrees: wave 5 of C (started)

Details: blue wave 4 of black wave C completed at 1.22860 . Now blue wave 5 of C is in play . Wave Cancel invalid level: 1.22860

The "GBPUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated 3 November 23, offers insights into the British Pound/U.S. Dollar (GBP/USD) currency pair's recent price movements. This analysis is essential for traders and investors seeking to understand the current market dynamics.

 

The analysis characterizes the market's primary function as "Counter Trend." This designation suggests that the market may be undergoing a counter-trend phase, which is a temporary reversal in the price direction within a broader trend.

 

The "Mode" is described as "impulsive." In Elliott Wave theory, an impulsive wave typically indicates strong, sustained price movements in the direction of the prevailing trend. This implies that, within the counter-trend structure, there is an impulsive sub-wave in progress.

 

The central focus of this analysis is on "blue wave 5 of C." In Elliott Wave theory, wave counting is used to identify price patterns and trends. This specific sub-wave (wave 5 of C) is currently in play and is part of the larger corrective wave (C).

 

It is highlighted that "blue wave 4 of black wave C" has concluded at 1.22860. This suggests that a corrective phase, wave 4, within the broader black wave C has been completed. Following the completion of wave 4, the market has entered "blue wave 5 of C."

 

The "Wave Cancel invalid level" is specified as 1.22860. This level is significant as it serves as a reference point for risk management. If the market approaches or surpasses this level, it might indicate a potential invalidation of the current wave count and could necessitate a reevaluation of trading strategies.

 

In summary, the GBP/USD Elliott Wave Analysis on the 4-hour chart dated 3 November 23, provides important information for traders. It signals the commencement of an impulsive sub-

wave (blue wave 5 of C) within the broader counter-trend structure. Traders should keep a close eye on the wave cancel invalid level for effective risk management. This analysis is particularly valuable for those looking to capitalize on trading opportunities in the GBP/USD currency pair.

 

Technical Analyst : Malik Awais