Elliott Wave Analysis: GBPUSD Trading Higher Within A Impulse; Temporary Correction In View

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GBPUSD keeps moving higher, now above 1.2750 deeply within wave 5 that will complete an extended red wave 3) this week, ideally near 1.2800. A turn down from here and break below 1.2695 will suggest that wave 5 of 3) is already done and that pair is in corrective wave 4).

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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.