Cable Could Be Targeting 50% Fibo Level From January


GBPUSD closed strongly higher last week after crossing the recently broken trend-line connected from above 1.6300. This suggests that recovery from 1.4830 could be deeper than firstly thought.

As such, we labeled the recent big fall as a completed five wave move in wave I, followed by a corrective bounce which we think is wave II. W

ith that said, recovery from the lows is just temporary so we must be aware of a new sell-off once pair finds a resistance in one of the Fibonacci retracement levels (38.2%,50% or 61.8%).

GBPUSD Elliott Wave Analysis April 8 2013 Recovering

For now sentiment is trying to turn bullish again, but will not last long. Break of 1.5020 will put pair back in bearish mode.

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About Author

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 His feature articles have been published on,, Action forex, Forex TV, Istockanalyst, ForexFactory,,, etc. He recently won the award on 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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