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Elliott wave Analysis: GBPUSD Can See Limited Upside And Reverse


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Good evening traders! Hope you're all doing great!

Let's take a quick peek at GBPUSD and its interesting pattern.

On gbpusd we can see price rising in a motive wave structure, but with overlaps. Well, a motive wave has five waves, like in our case but still we know two types of motive waves: the first one is an impulse, a nice strong and clear five wave pattern, that trades into the direction of the trend and the second one is a diagonal triangle.

Well as you can see, we are observing an ending diagonal within bigger degree wave C, with its final sub-wave v in motion. In an ending diagonal the formation of the pattern is a 3-3-3-3-3, so its legs has three minor sub-waves. That said, current rise that we see above the 1.3270 region can be start of blue wave v of C, that can search for a top near the upper red line. There a new sharp and strong reversal to the downside may follow, which is also a characteristic of an elliott wave ending diagonal.

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GBPUSD, 1H

gbpusd, intra

Disclosure: Please be informed that information we provide is NOT atrading recommendation or investment advice. All our work is for educational purposes only.



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About the author


Grega Horvat

 

 

  • Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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