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Cable targeting 1.6500

Cable reversed early this week from 1.64 resistance level after a nice clear five sub-waves within an extended wave 3. As such, a wave 4 pull-back occurred, which in fact already appears complete around 1.6200 support from where pair bounced back above 1.6320 uptrend confirmation level.

Guest post by Gregor Horvat

Notice that wave 4 reversed perfectly from base channel which reacted as a very good support, as usually do in impulsive sequence. As such, wave 5 is now in view, targeting new highs, potentially 1.6500, while pair trades above 1.6200 and 1.6150 supports.

GBP USD Elliott Wave April 14

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Gregor Horvat

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, 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 Ew-forecast he helps clients and educates them about the Elliott wave principle 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. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!