Search ForexCrunch

Cable fell sharply in the past week when US dollar gained across the board. Price broke through the support channel line connected from 1.5299, September lows which was a key breakout for a change in trend. As such we believe that an impulse structure is unfolding from 1.6300 region with a red wave 3) in process.

gbp usd December 1 Elliot WaveGuest post by  Gregor Horvat

In the past sessions, a sub-wave 3 reached 161.8% Fibonacci extension level of a black wave 1 distance, which is a typical third wave target, so some upward corrective pull-back is definitely expected. We are talking about a black wave 4 which may reach levels even around 1.5700 before downtrend resumes, but definitely must not move above 1.5839 critical region of a black wave 1, otherwise bearish count will become invalid.

If you need more Elliott Wave forecast in the forex market, please visit us at, and check out our services here.

Want to see what other traders are doing in real accounts? Check out Currensee. It’s free..