GBP/USD may have entered a bullish run - Elliott Wave

GBP/USD may have entered a bullish run – Elliott Wave

GBPUSD

On cable we see a potential low in place after that strong upward reaction from 1.2865 where the market might have completed a deep A)-B)-C) retracement. We know that when a correction is finished market tends to turn into a new impulse, so ideally pair is now trading within a new bullish cycle with wave 3 or C now in motion. As we see price even broke above the 1.3094 swing, suggesting that the previous correction is completed and another upside may follow.

GBPUSD, 4H

EURJPY

EURJPY is pushing the upper boundary of the triangle count. We see some signs of a potential reversal but this is not sufficient to conclude that wave E is over. Invalidation levels of the proposed count for this pair is at 113.89. For the first sign of this reversal we need a break beneath 113.18 and then 112.66.

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!

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