Elliott Wave Analysis: GBPUSD Making A Temporary Reversal

0
83

GBPUSD fell sharply to the downside, a few weeks back which we see it as the final wave V of III) that touched the 1.1493 level. If we are correct and price really did post wave III) lows, then current upward action may be the start of a temporary bullish rally in upcoming wave IV) with sub-wave A already completed. That said the pair is now undergoing a temporary reversal in the following sub-wave B with a possible turning point near the 61.8 Fibonacci ratio.

Interested in Elliott Waves? EW-Forecast.com has a special offer available to yearly members, with 31% discount. Click here for details.

GBPUSD, Daily

SHARE
Previous articleElliott Wave Analysis: USDJPY Trading In A Flat Correction; More Upside In View
Next articleElliott Wave Analysis: Completed Correction On USDJPY Points Higher
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.