Elliott Wave Analysis: GBPUSD and EURUSD

By: Gregor Horvat | Tue, Jan 17, 2017
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Good day traders for the US session charting!

We see USD down sharply against GBP after Brexit speech. Pound is one of the strongest today, breaking above important channel resistance line near 1.2200 which means that market completed a three wave decline in wave Y of B. As such, more gains can be in play now especially once market makes five waves up from 1.1988 low. In that case a three wave set-back can be interesting to join the trend.

GBPUSD, 1H

GBP/USD 1-Hour Chart

EURUSD is higher on intraday chart as expected, now trading close to 1.0730 resistance where upside can be limited as we see pair in late stages of a corrective wave four. However, we will still need a reversal with five waves back below the red trendline support to make sure that highs are in. Patience is the key here.

EURUSD, 1H

EUR/USD 1-Hour Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

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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