Elliott Wave Analysis: GBPUSD Intra-day View Suggests More Gains To Follow

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GBPUSD has five waves up from 1.2388 so we can expected 1.2530 to be taken out in the near future as big wave 2) flat pattern appears to be finished. That said, current minor retracement down to 1.2470 can be sub-wave 2, which means that trend remains bullish as long as 1.2388 low is not taken out.

A Flat is a three-wave pattern labeled A-B-C that generally moves sideways. It is corrective, counter-trend and is a very common Elliott pattern.

A Expanded Flat Pattern:

expanded-flat

 

 

 

 

 

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.