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GBP made a new low yesterday around 1.4830 before prices reversed higher during the US session.  GBPUSD Elliott Wave Analysis March 13 2013

Well, now we can count five waves down in wave 5) from 1.5190 which means that the pair could make a corrective bounce, ideally a larger pull-back in wave (4) as we are tracking now a final stage in blue wave (3).

Traders should keep an eye on a falling resistance line connected from 1.5850; if broken on a daily close basis then a bullish reversal will likely be confirmed and that could lift the pair back to 1.5080-1.5190 range.

Bullish divergence on the RSI also suggests that pair could be bottoming.

Sentiment table

Current Trend/Sentiment

Directional Bias



 Bias Stay Aside Stay aside



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