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    GBP/JPY Weekly Elliott Wave Count

    Finally, GBP/USD is taking clear direction in the short term and the current structure on the daily chart is advising us about a possible testing of the support around 1.5543 where the 200 SMA is currently located. We could expect a rebound over there, towards the resistance zone of 1.5755. The MACD indicator remains at negative territory.

    GBPUSDDaily.png

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    Wednesday's session was very bearish for the cable, which is currently trying to break the support level of 1.5589. If the pair achieves this zone, it would be expected to test the next low around the level of 1.5537. However, there is a high possibility of a test at the resistance level of 1.5687, after a breakout above 1.5650.

    GBPUSDH1.png

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    Daily chart's resistance levels: 1.5755 / 1.5898

    Daily chart's support levels: 1.5543 / 1.5450

    H1 chart's resistance levels: 1.5650 / 1.5687

    H1 chart's support levels: 1.5589 / 1.5537

    Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is seen at 1.5650, take profit is at 1.5687, and stop loss is at 1.5614.


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