Elliott wave analysis of GBP/USD for September 7, 2021

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GBP/USD is heading higher towards the next major target seen at 1.5000. It will of course not be in a straight line and the market will throw all the possible curve-balls at us as it can, but it doesn't change the underlying trend that has been in effect since March 2020, which is up.

Short-term se saw sub-wave iv complete with the test of 1.3572 nicely above the risk-level at 1.3483, were would have seen an overlap between wave i and iv, which isn't allowed under the Elliott Wave Principle if the move is an impulsive wave, which we see the rally from 1.1410 as being. We are currently looking for sub-wave v/ higher towards 1.4551. This rally will complete wave 3/ and after a new consolidation more upside pressure towards 1.5000 is expected.

The material has been provided by InstaForex Company - www.instaforex.com

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