Elliott Wave Analysis: GBPUSD More Bearish

Elliott Wave Analysis - GBPUSD
Elliott Wave Analysis - GBPUSD

Markets are slow ahead of highly anticipated NFP report. The only expectation is GBP that is now falling quite strongly after worse than expected Manufacturing figures; 0.0 vs. 0.4% expectations. Pair has turned nicely down from 1.6470-1.6500 resistance area that we highlighted it as a reversal zone few times in our past updates. On the updated hourly chart below you can see an expanded flat probably completed after current 50 pip drop, since I made the wave count. I see prices going back to 1.6336, but critical or invalidation level remains at 1.6602. We just never know, second waves can always become more complex.

GBPUSD1h Elliott Wave Analysis

Elliott Wave Analysis - GBPUSD

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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.