GBPUSD : Broken Channel Suggests More Weakness Ahead

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Pound is falling sharply away from 1.5657 area where we were looking for a bearish reversal last week as we were tracking move from September lows as a temporary recovery. Well, latest decline out of a corrective channel and beneath 1.5327 wave B swing low confirmed end of a zigzag at recent high. That said, a whole corrective bounce from 1.5160 should be fully retraced which means that pound will fall further. However, we may see some minor rally to around 1.5330 resistance before downtrend may resume.

GBPUSD 4H

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.