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Once waves (iii), (iv), and (v) complete, then it will complete a larger degree wave ((i)). At that point, the largest decline will be underway since Q4 2024. We’ll be keeping a close eye on the purple upward sloping support trend line dating back to 2022. While GBPUSD rallies, any temporary pullbacks should comfortably hold above the purple trend line. There are instances where a second wave might temporarily break that trend line, but it’s not a common occurrence.
Therefore, if the purple trend line is broken, then it will be an early warning dashboard signal that a different Elliott wave pattern is likely playing out.
This long-term forecasted rally lines up with US dollar weakness we are forecasting in EUR/USD too.
Bottom Line
We are anticipating a large multi-month rally to continue towards 1.53 or higher levels. In the near-term, a trend line from 2014 may temporarily suppress prices. Keep an eye on the purple trend line as long-term support.
Key Level for Bullish Bias: 1.2099
Initial Target: 1.29
Secondary Target: 1.53
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