Elliott Wave Analysis: Intra-day Cable Points Towards Higher Levels

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If there is any pair out there that shows nice structure against the buck, then this is GBPUSD. Notice that pair has only three waves down from 1.2673 high to 1.2300 area. That’s a clear contra-trend move which appears complete now following recent impulsive reaction above upper trendline. However, we still do not see all needed five waves up from the low, but it appears that small consolidation now around 1.2500 is fourth wave. If we are on the right track then this pair is going back to 1.2673, so our eye will be on red wave 2) pullback thisweek to join the trend.

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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.