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

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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