Elliott Wave Analysis: GBPUSD Trading In A Big Three Wave Correction

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On the 4h chart of GBPUSD we are observing a nice minimum three wave move to the upside developing, with price specifically trading in black wave B, after an leading diagonal had unfolded in wave A. As such we now expect a three wave corrective move to show up in this wave B with possible reversal zone around the 78.6 Fibonacci ratio.
At the moment we can see that price already completed the first sub-wave A-circled of wave B and is now unfolding wave B-circled. That said more weakness should later follow within the final blue wave C.

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GBPUSD, 4H

 

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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.