GBPUSD has turned up in the last few weeks with a very sharp price action as seen in wave IV within a big impulsive downtrend. Fourth waves usually retrace back to the area of a former wave four, and also for around 38.2% compared to wave three. Well, we can see this around that area, plus there is also a swing low of 1.4565 since 2015 that can also turn into a resistance. So if we put all into one context then 1.4600 can be a very interesting new reversal zone, so be aware of a resumption of a bearish trend in days ahead. GBPUSD, Daily On the lower time frame, we see that GBPUSD recovered sharply last week after a nice turn up from 1.4050 level where we called end of an expanded flat correction. It was a perfect textbook pattern within the ongoing recovery in wave IV. Well notice that the pair is turning down now after it touched some important Fibonacci resistance levels for wave C-circled. In fact, the pair is already beneath the swing low of a red wave 4) that is the first indication of a top in place. However, we would still love to see 1.4288 broken for even stronger conviction regarding the bearish case. GBPUSD, 4H 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 Daily Look share Read Next Video Preview: Important figures for USD and EUR leading Yohay Elam 6 years GBPUSD has turned up in the last few weeks with a very sharp price action as seen in wave IV within a big impulsive downtrend. Fourth waves usually retrace back to the area of a former wave four, and also for around 38.2% compared to wave three. Well, we can see this around that area, plus there is also a swing low of 1.4565 since 2015 that can also turn into a resistance. So if we put all into one context then 1.4600 can be a very interesting new reversal zone, so be aware of a resumption of a bearish… 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.
