The USD had another strong day yesterday when the USD index finally went through the 99.00 resistance level. This move could put more bullish momentum in play, so the dollar can gain much more in the upcoming day.
On the 4h chart, we see that a triangle was accomplished. The rally from 96.47 appears very strong with an impulsive personality, so we expect more gains in the sessions ahead, towards 100.20, but even more after a fourth wave pullback.
USD Index 1h Elliott Wave Analysis
As the USD Index trades higher, other currencies are going down. On GBPUSD we were anticipating bearish prices from a triangle that appears complete 1.4971 as the decline has a nice impulsive sequence down from that high. As such, we expect more weakness in the days ahead. In the short-term keep an eye on the black wave 4 pullback that can stop around 1.4720-1.4750 resistance area.
GBPUSD 1h Elliott Wave Analysis
