GBPUSD Elliott Wave Analysis: Downtrend Continuation

By: Gregor Horvat | Mon, Dec 8, 2014
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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

GBPUSD Daily Elliott Wave Analysis Chart

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

GBPUSD 4-Hour Elliott Wave Analysis Chart

 


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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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