Elliott Wave Analysis: GBPUSD Making A Temporary Reversal


GBPUSD fell sharply to the downside, a few weeks back which we see it as the final wave V of III) that touched the 1.1493 level. If we are correct and price really did post wave III) lows, then current upward action may be the start of a temporary bullish rally in upcoming wave IV) with sub-wave A already completed. That said the pair is now undergoing a temporary reversal in the following sub-wave B with a possible turning point near the 61.8 Fibonacci ratio.

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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.