Elliott Wave Analysis: GBPUSD And SILVER

Gregor Horvat

GBPUSD Cable is breaking down, after turning from 1.2389 area where intraday swings shows end of wave 4), so pair can be in a new impulsive run, this time lower into wave 5) towards 1.2100.

GBPUSD Hourly Chart

Silver is trying to break higher despite strong USD across the board, but technically we still see silver in a corrective recovery, currently breaking out of a wave B) triangle that puts wave C) in play towards 16.30-16.40 area where gains can be limited this week for a turn down from wave four into wave five.

Silver Hourly Chart

Source: www.ew-forecast.com