Elliott Wave Analysis: GBPJPY and GBPUSD

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GBPJPY

GBPJPY trading near the high so it appears that the recent pullback down to 139.00 was the fourth wave flat correction, meaning that the current leg up can be the fifth wave. We know that after every five waves, the market may turn south for a three-wave set-back so we believe that there will be a deeper retracement before an even stronger bullish leg may show up.

GBPJPY, 1H

GBPUSD

Cable is not moving much but notice that the first leg down from above 1.2900 was in three legs, so no matter how we look at the current structure, we know it’s just a temporary pause within the uptrend. That said, we think that eventually the pair will be above 1.2900. Supports are at 1.2770 then at 1.2750.

GBPUSD, 1H

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About Author

Gregor Horvat is  based in Slovenia (Central Europe) and has been in Forex market since 2003. He is technical analyst and individual trader who also provide a lot of articles and trade plans based on the Fibonacci and Elliot Wave principle. He was working for Capital Forex Group and TheLFB.com. His feature articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, oil, gold, and the U.S. stock market. Gregor Horvat is also founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). EWP provides a method for identifying price points at which a market is most likely to turn. Knowing the probable swing and reversal points provides confirmation of where investors could enter and exit positions for the highest probability of success. Gregor Horvat Chief  Technical Strategist Website:  For more analysis visit our website and Try our services absolutely free for 7-days! http://www.ew-forecast.com/service//

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