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GBP/USD could try to recover, Gold heading for new lows

GBPUSD is now trying to recover, following the footsteps of the EURUSD swings. On the chart below we are looking at an incomplete corrective move that can be flat if we consider a three wave drop from the 1.7098 high. With that said, i would not be surprised to see a rally back to 1.7100 before going down.

GBPUSD 1h Elliott Wave Analysis

GBPUSD Intraday Elliott Wave Analysis July 24 2014 technical chart

GOLD broke down in the last two sessions, and it seems that the market is in wave iii now, finally heading down to a new low, beneath 1291 and possibly to 1285 as a projection level. 1311 must stay untouched in this case.

GOLD 1h Elliott Wave Analysis

GOLD Intraday  Elliott Wave Analysis July 24 2014 technical chart

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!