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GBPUSD Is Making a Three Wave Rally


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GBPUSD reversed sharply higher last week, which was expected from a technical point of view after five waves down in red wave 5) of (3). Well, rally from the lows has an impulsive structure which means that leg is part of a larger recovery which will probably prove corrective as we are tracking a blue wave (4) pull-back. As such, we need three waves up, labeled as A-B-C zig-zag formation, because we know that corrections are always structured minimum by three legs. Therefore, be aware of more upside after wave B pull-back, while market is trading above 1.4830 low. If we are correct, then pair could retrace even up to 1.5300.

Sentiment table

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GBPUSD 4 H Elliott Wave Analysis Chart

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Gregor Horvat
Chief  Technical Strategist  

 



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About the author


Gregor Horvat is based in Slovenia (Central Europe) and has been in Forex market since 2003. He is technical analyst and individual trader who also provide a lot of articles and trade plans based on the Fibonacci and Elliot Wave principle. He was working for Capital Forex Group and TheLFB.com. His feature articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, oil, gold, and the U.S. stock market.

Gregor Horvat is also founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). EWP provides a method for identifying price points at which a market is most likely to turn. Knowing the probable swing and reversal points provides confirmation of where investors could enter and exit positions for the highest probability of success.

Gregor Horvat
Chief  Technical Strategist
Website: http://www.ew-forecast.com/
Skype: ewfservice

Twitter: http://twitter.com/ewforecast
Email: info@ew-forecast.com

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