- USD trades higher across the board
- XXX/USD pairs may trade lower
- GBP/USD my test 1.3700-1.3600 Level
USD is trading higher across the board as stocks come down, possibly due to Covid spread and inflation fears. We see USD Index breaking out of a triangle so the fifth wave is in play to around 93.50, so it can be the final leg ahead of important reversals later this week. XXX/USD pairs may trade lower as USD trading into highs.
GBP/USD is coming down after only an intraday three-wave bounce to 1.39 so we see that as a corrective rally that belongs to ongoing weakness. As such, we adjusted the wave count, but still looking for wave C) to bottom in the near-term ideally this week at 1.36-1.37 range. Keep in mind that thats' the area of wave A) where normally wave C) complete a flat correction. If that's the case then recovery will show up in weeks ahead.
GBP/USD 4h Elliott Wave Analysis
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