GBPUSD : Correction Could Be Underway

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Cable has fallen even lower in the last few sessions which makes a decline in five waves down from 1.4410 (black wave 4) without any overlaps so it looks like that we have an impulsive decline underway. That said, we need five waves from 1.4667 within wave 5-circled so more weakness will be expected after any three wave bounce up into red wave 4) that may find resistance at 1.4160-1.4235 area.

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GBPUSD, 4H

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.