Elliott Wave Analysis On GBPJPY And EURGBP

By: Gregor Horvat | Fri, Mar 18, 2016
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GBPJPY

On the intraday chart of GBPUSD, we are looking at a possible three wave structure, labeled as A-B-C, that started from recent highs at 164.098 region, and is now trading midway through it's completion in wave B. That said wave B could be near finished, as price is unfolding near 61.8 fibo. ratio measured from wave A highs. The ideal turning point into lower levels would then be around 161-162.40 area.

GBPJPY 1-Hour Chart


EURGBP

Recently broken corrective channel line on EURGBP suggests, that the correction from 0.76507 to 0.79101 area is completed, and now lower levels are in play. That said this sharp decline could already be wave 1, the first leg of a new five wave sequence in red wave C).

EURGBP 1-Hour 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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