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

Grega Horvat
Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, 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 www.ew-forecast.com 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.
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