Home GBPUSD Could Recover Back Above 1.5000 (Elliott Wave Analysis)

GBPUSD Could Recover Back Above 1.5000 (Elliott Wave Analysis)

GBP made a new low yesterday around 1.4830 before prices reversed higher during the US session.  GBPUSD Elliott Wave Analysis March 13 2013

Well, now we can count five waves down in wave 5) from 1.5190 which means that the pair could make a corrective bounce, ideally a larger pull-back in wave (4) as we are tracking now a final stage in blue wave (3).

Traders should keep an eye on a falling resistance line connected from 1.5850; if broken on a daily close basis then a bullish reversal will likely be confirmed and that could lift the pair back to 1.5080-1.5190 range.

Bullish divergence on the RSI also suggests that pair could be bottoming.

Sentiment table

Current Trend/Sentiment

Directional Bias



 Bias Stay Aside Stay aside



Visit our website and Get more charts and forecasts with free access through 7-Day Trial Offer.

You can also follow us on twitter @ewforecast





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!