GBPUSD: Triangle In Progress


GBPUSD fell beneath 1.4050 last week but only with a spike as pair rallied after that more than 150pips. So despite recent strong decline down from 1.4470 we think that bears are not in full control yet. In fact, we see pound trapped in a big trading range that looks more and more like a triangle. If that’s the case then we know that pair will go sideways for few more days as wave C, D and E are still missing to complete big black wave IV sometime this month. That said, traders should be aware of some short-term rally, up in wave C maybe even back to 1.4350 where upside would be limited at the upper trendline. However, don’t forget on big picture; trend is still bearish there but it’s just a longer pause with downtrend.

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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 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.