The USD is mixed this morning, sideways against the EUR and AUD but up against the CHF, while it’s looking weak when compared to GBP ahead of BOE vote rate decision today at 11GMT. Stocks remains in bullish mode, especially the European ones which are now in stronger shape than the US equities.
On the chart below of GBPUSD we see three legs down in wave B) that appears complete because of a sharp rally to 1.5640 in the last few sessions. We see this as start of an impulsive wave c) that can rally to 1.5700-1.5740 area where new turning point can occur.
GBPUSD 1h Elliott Wave Analysis
GBPJPY made an amazing move to the upside yesterday, so some of our clients made nice money on that move, those who went long earlier, ahead of our official entry level that was placed 192.80 as reported at the start of the week. We see pair now at new high with room for 195.60, maybe even 196.00 as current slow price action looks like wave 4 of an impulsive rally. Pair remains in bullish mode as long as 193.82 holds.
GBPJPY 2h Elliott Wave Analysis
