Elliott Wave Analysis: GBPUSD Could Face A Reversal In Sessions Ahead

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Cable is higher, now with three waves away from 1.2568 low. Well, this recovery should be part of a bearish price action which is expected to continue if we consider previous five wave drop from 1.2774 which is the most important structure for a change in trend. As such, a new leg down can be coming soon, ideally in impulsive fashion away from current 1.2680-1.2720 resistance area. Invalidation level for a short-term prediction is at 1.2774 high.

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GBPUSD, 1h

gbpusd-1

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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.