Elliott Wave Analysis: GBPUSD Undergoing A Correction; Possible Turning Point Around 1.3250


We see cable trading in a third leg of decline , which means that bearish retracement can be in late stages, but for now there is room for 1.3250 if we consider that c can be the same in length compared to wave a. As such, be ware of a new swing low here while market is trading beneath 1.3374 swing. Only break above that price will confirm that new bullish leg is underway back to 1.3445.

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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.