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Good day traders! Today’s focus will be on the GBPUSD and S&P500. Let’s jump in.

GBPUSD can be trading in a three-wave bullish reversal, with the first blue wave i/a trading in the final stages. As we can see cable found a base for the previous bigger wave 5) near the 1.2774 region, meaning if the price trades as planned, than a five-wave rally could follow rather than a three, which means the region near 1.2916 level would be in sight.

GBPUSD, 30Min

 

S&P500 made a new bounce, away from blue wave two correction which we now see as part of a minor red wave i) of three. Ideally blue wave two correction is now over and more gains may come. A breach above the upper channel line will be a confirmation for more upside.

S&P500, 30Min