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GBPUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart, 21 February 2024British Pound/U.S.Dollar (GBPUSD) 4 Hour ChartGBPUSD Elliott Wave Technical AnalysisFUNCTION: TrendMODE: ImpulsiveSTRUCTURE: red wave 3 POSITION: Blue wave 5DIRECTION NEXT LOWER DEGREES: red wave 4DETAILS: red wave 2 of 5 looking completed at 1.25342. Now red wave 3 of 5 is in play. Wave Cancel invalid level: 1.25342The “GBPUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart” dated 21 February 24, presents a detailed analysis of the British Pound/U.S. Dollar (GBPUSD) currency pair using Elliott Wave principles. The focus is on identifying potential price movements within the context of the Elliott Wave theory.The identified “FUNCTION” in this analysis is “Trend,” suggesting that the assessment revolves around identifying and riding the prevailing trend in the market. Trend analysis is crucial for traders looking to align their positions with the dominant market direction.The specified “MODE” is “Impulsive,” indicating that the market is currently in a phase characterized by strong and directional price movements. Impulsive waves are integral to the Elliott Wave theory and represent the powerful, trending phase of the market.The described “STRUCTURE” is “Red wave 3,” signifying the current phase in the Elliott Wave sequence. Wave 3 is typically the most powerful and extended wave within the five-wave pattern, making it a critical phase for traders to identify and capitalize on significant price movements.The designated “POSITION” is “Blue wave 5,” indicating the current position within the broader Elliott Wave pattern. Wave 5 is the final phase in the impulsive sequence, and traders often look for signs of a potential reversal or corrective phase as it approaches completion.Concerning “DIRECTION NEXT LOWER DEGREES,” the analysis points to “Red wave 4,” indicating the expected direction of the next lower-degree wave. This information is valuable for traders looking to manage risk and identify potential entry or exit points.In the “DETAILS” section, it is highlighted that “red wave 2 of 5 looking completed at 1.25342. Now red wave 3 of 5 is in play.” This suggests that the market has completed a corrective phase (wave 2) and is now in the early stages of the powerful and directional wave 3.In conclusion, the GBPUSD Elliott Wave Analysis for the 4-hour chart on 21 February 24, indicates an impulsive trend with the market currently in the red wave 3 of 5. Traders are advised to monitor the progression of this wave for potential trading opportunities and to be aware of the invalidation level at 1.25342.Technical Analyst: Malik AwaisMore By This Author:
Elliott Wave Technical Analysis 4 Hour Chart: British Pound/U.S. Dollar – Wednesday, Feb. 21
