GBPUSD Stuck Between Bulls And Bears

By: Gregor Horvat | Fri, Jan 29, 2016
Print Email

Correction completed or no? That's the question I am wondering while looking at GBPUSD. Firstly I assumed that we will see higher corrective for blue wave 4-cricled, because of the degree that I am tracking on a daily chart. I thought we may even see 1.4560 level, but todays decline put some doubt in that view. That said, I prepared two wave counts now, and will be ready to go with the bearish one if we get a daily close beneath 1.4172. Then I would look for a retest of 1.4080 early in February. But until then wave four can still reach higher levels with sub-wave C) if consider possible flat now in wave B). This is now time for patience, as battle between bulls and bears appears undecided.

GBPUSD, 1H (Count #1)

GBPUSD 1-Hour Chart Count 1

GBPUSD, 1H (Count #2)

GBPUSD 1-Hour Chart Count 2

 


If you like our trading analysis, you can visit our website at --> 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/

Copyright © 2013-2017 Gregor Horvat

All Images, XHTML Renderings, and Source Code Copyright © Safehaven.com