Elliott Wave Analysis: GBPUSD In A New Bullsih Run

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GBPUSD rallied up to 1.3480 area three weeks ago and confirmed a bullish turn on this pair as we can count clear five waves up from 1.2800 low. We know that five wave move shows direction of a trend so more gains are expected to come after any corrective retracement that can take place. Currently we see price trading higher from wave 2 or B lows, possibly in a new bullish cycle that had started to unfold in red wave 3). Our mentioned wave X) swing has been quite nicely breached, which could give us a nice confirmation sign that more upside could be in store. But nothing moves in straight lines, so we would need to be aware of minor corrective retracements.

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GBPUSD, 4H

4h gbpusd August 03 2016

 

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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.