GBPUSD: Bearish impulse still unfolding

GBPUSD is making a new leg down which can be seen now as a wave 5-circled final leg within the extended black wave III. It is likely headed down to 261.8% Fibonacci extension target of the blue wave one measured of blue wave two high. This projected price is at 1.3600 and we expect it to be touched, before we may expect a corrective bounce; up into wave IV.

GBPUSD, Daily

On the lower time frame, Cable found some support in the last few sessions near 1.3850 where wave 3) may finally completed its extended structure from 1.4580. That said, we expect to see a deeper corrective bounce up in red wave 4); possibly even back to 1.4050-1.4100 area where bears could step in play once again for a final push down, into wave 5).

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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