GBPUSD Elliott Wave Forecast - Back To Bullish Mode

By: Gregor Horvat | Mon, Nov 25, 2013
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GBPUSD closed at the highs last week so pair is back in bullish mode that is now pointing to a new high. In fact, a reversal from 1.5850 can be counted in five waves so our bias is up, but we expect a corrective retracement back to 1.6070 in three legs before uptrend resumes.

GBPUSD Elliott Wave 4h

GBPUSD Elliott Wave 4-Hour Chart

On Daily Chart GBPUSD has been trading higher last week and is not approaching to former high so it seems that recent decline was corrective, just another B wave within incomplete complex recovery from July low. We are tracking wave E), final leg of a big triangle on a weekly level that could stop around 1.6400-1.6600 zone.

GBPUSD Elliott Wave Daily # Count 1

GBPUSD Elliott Wave Daily Count 1 Chart

Another, second scenario for GBPUSD is showing an impulsive rally, but bias for the near future are the same; new high to 1.64-1.66 and then reversal after completed five waves.

GBPUSD Elliott Wave Daily # Count 2

GBPUSD Elliott Wave Daily Count 2 Chart


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of, but before that he was working for Capital Forex Group and His feature articles have been published on:,,, Action forex, Forex TV, Istockanalyst, ForexFactory,,, etc. He recently won the award on for Best Forex Analysis in 2016. At he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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