Pound Is Near At Resistance: Elliott Wave

By: Gregor Horvat | Mon, Dec 9, 2013
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GBPUSD broke to a new high as expected after we identified end of a corrective retracement at 1.5850. As such, we are now tracking a new impulse leg up with can be wave C, final part of a double zigzag in wave E). If this is correct count then rally from July low is near completion. Ideally we will see a reversal down from around 1.64-1.66 region.

GBP/USD Elliott Wave Daily Chart

We are also tracking a different count that shows a five wave rally from July low, but even this count is calling for a turning point as we see pair in fifth wave up.

GBP/USD Elliott Wave Daily Chart Count #2

On 4h Chart GBPUSD is in a pullback mode which we think it's a corrective move, wave (iv) as a part of incomplete wave C. As such, we expect new high, push up in wave (v) into 1.6500-1.6600 projected region where we may see a top formation of a big wave E) of a triangle. However, this can be confirmed only by an impulsive bearish reversal, so until then trend remains up!

GBP/USD Elliott Wave 4-Hour Chart


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat

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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