GBP/USD: Back To Bullish Mode Above 1.6 (Elliott Wave)

1

Despite some weakness seen in the pound for more than a week back from 1.6060 level,  the pair was unable to break beneath the support channel line that is connected from the January low.

In fact, this line caused a strong buying into a new high seen in the past week, which we now believe its a wave C leg; a third leg of a zig-zag recovery after a runing triangle in B wave.

Guest post by Gregor Horvat

As such, we are now focused on more strenght for the next few days if not weeks, towards 1.6200 or even higher, before wave E) from 2012 low is complete.

GBP USD Elliott Wava Analysis April 23 27 2012

GBP/USD Elliott Wava Analysis - Click image to enlarge

Pair will reverse into a bearish stage only when 1.5800 gives way!

For more Advanced Market Forecasting and Technical Analysis visit us at http://www.ew-forecast.com or follow us on twitter.

Get the 5 most predictable currency pairs

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 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!