Elliott Wave Analysis: Bulls Pushing Price Higher On The GBPUSD; More Upside May Follow

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GBPUSD has made five waves up from January low which we see it as an impulsive wave up in wave 1, followed by a recent corrective move that seems to be a complex one. We are tracking a W)-X)-Y) combination which is now showing first signs of a completion. In fact, we see pair turning nicely up which can be the start of a bigger recovery, ideally an impulse that will take us above 1.2384 and confirm a bullish continuation.

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GBPUSD, 4H

 

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.