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

 


Written by www.ew-forecast.com

 


 

Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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