GBPUSD May Face Resistance Around 1.5700, GBPJPY Moving

The USD is mixed this morning, sideways against the EUR and AUD but up against the CHF, while it’s looking weak when compared to GBP ahead of BOE vote rate decision today at 11GMT. Stocks remains in bullish mode, especially the European ones which are now in stronger shape than the US equities.

On the chart below of GBPUSD we see three legs down in wave B) that appears complete because of a sharp rally to 1.5640 in the last few sessions. We see this as start of an impulsive wave c) that can rally to 1.5700-1.5740 area where new turning point can occur.

GBPUSD 1h Elliott Wave Analysis

GBPJPY made an amazing move to the upside yesterday, so some of our clients made nice money on that move, those who went long earlier, ahead of our official entry level that was placed 192.80 as reported at the start of the week. We see pair now at new high with room for 195.60, maybe even 196.00 as current slow price action looks like wave 4 of an impulsive rally. Pair remains in bullish mode as long as 193.82 holds.

GBPJPY 2h Elliott Wave Analysis

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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