GBPUSD Elliott Wave Analysis: Downtrend Continuation
Cable is trading nicely lower for the last couple of weeks, now trading lower within extended blue wave (3) towards 1.5300 projected region, where we see 161.8% extension of wave 1) measured from wave 2) high. As such, based on the current price action we expected more weakness in week ahead.
GBPUSD Daily Elliott Wave Analysis
Cable is finally breaking lower, now already at new lows after strong USD on Friday following better than expected NFP figures. We were anticipating a break down into wave 5) that is now already underway, ideally towards 1.5480-1.5500 projected zone, but weakness could extend even towards 1.5300 while 1.5693 remains in place.
GBPUSD 4h Elliott Wave Analysis
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Author: Gregor Horvat
Gregor Horvat
www.ew-forecast.com
Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com 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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