GBPUSD: Correction In View

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GBPUSD in trading lower for the last few sessions, after price recently completed wave IV, a correction of a higher degree at 1.451 level. That said new weakness towards 1.418 area, can be wave 1, the first wave of a new bearish cycle in wave V, that can find temporary low around 1.413-1.415 region, where fibo. ratio of 261.8 can indicate a reversal up into wave 2 pullback.

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GBPUSD, 1H

gbpusd, 1h

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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.