Elliott Wave Analysis: GBPUSD In Late Stages Of A Corrective Wave IV

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GBPUSD is in recovery mode since March of this year when pair accomplished an extended five wave drop down in wave III. We know that after a very powerful leg, market will make a corrective retracement which will either be simple or complex. In our case we think it’s something more complex now in wave IV if we consider recent push back to around 1.4700 that is part of ongoing wave Y in wave IV that may find a top in June somewhere near 1.4800, slightly above 50% Fibonacci retracement level.

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GBPUSD, Daily

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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.