Elliott Wave Analysis: GBPUSD Trading In A Bigger Correction

GBPUSD is moving sideways after the pair recovered from that 1.1500 spike low where we see a completed wave three, so the current structure is an ongoing fourth wave which can see more upside as we think that the market can be in an A-B-C structure. That said, wave B triangle looks completed and the current rally may be wave C, which can see a limited upside around 38.2.

GBPUSD, Daily

On the 4h chart we can see cable making a strong rise away from 1.2364, clearly in an impulsive fashion which can see an extension up to 1.3140 area for wave C. That said, the recent slow price activity was sub-wave 4), which may have already found a base and the current intra-day rally may be the start of sub-wave 5) of three.

GBPUSD, 4H

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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