GBP made a new low yesterday around 1.4830 before prices reversed higher during the US session. 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 Strategy Down Stay aside Visit our website and Get more charts and forecasts with free access through 7-Day Trial Offer. You can also follow us on twitter @ewforecast Gregor Horvat 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! View All Post By Gregor Horvat Opinions share Read Next Forex Analysis: EUR/USD Confirming Continuation of New Bearish Trend James Chen 10 years GBP made a new low yesterday around 1.4830 before prices reversed higher during the US session. 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… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
