GBP/USD Analysis Using Elliott Wave /not financial advise

GBP/USD Analysis Using Elliott Wave

Current Market Structure & Elliott Wave Count

Wave 3 Completed near 1.3020 (Key Resistance)

Wave 4 Correction in Progress targeting 1.2880 - 1.2850

Potential Wave 5 Extension toward 1.3100+

Trading Strategy & Execution Plan

Bullish Scenario (Wave 4 Completion & Wave 5 Start)

📌 Long Entry:

Buy at: 1.2880 - 1.2850

Stop Loss (SL): 1.2820

Take Profit (TP1): 1.2960

Take Profit (TP2): 1.3020

Take Profit (TP3): 1.3100

🎯 Probability: 72% (If price finds support above 1.2850)

Bearish Scenario (Wave 4 Deeper Correction or Reversal)
📌 Short Entry:

Sell at: 1.3020 - 1.3040 (Wave 3 High Rejection)

Stop Loss (SL): 1.3080 (Above Wave 5 Expected Move)

Take Profit (TP1): 1.2960

Take Profit (TP2): 1.2880

Take Profit (TP3): 1.2780

🎯 Probability: 67% (If price rejects 1.3020 resistance)

Final Thoughts & Risk Management
✅ Bias: Bullish above 1.2850, Bearish below 1.2780
✅ Risk/Reward Ratio: 1:3 for Both Scenarios
✅ Volatility Factor: Watch USD Strength & GBP News Impact