GBPUSD Remains In Bullish Mode Above 1.5000 –psycho level


GBPUSD found  support yesterday 30 pips above the 1.5000 psychological level from where intra-day bulls lifted the pair in an impulsive manner back above 1.5200 level.

Notice that prior that rally, the pair made actually only three waves down from 1.5260 high, which is structure of a corrective move. As such, we believe that this was only wave B) pull-back, part of a three wave rally in wave (4) headed up to 1.5350-1.5400.

The pair remains in bullish mode for now as long as 1.5030 support is not breached.

GBP USD Elliott Wave Analysis April 5 2013

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About Author

Gregor Horvat is  based in Slovenia (Central Europe) and has been in Forex market since 2003. He is technical analyst and individual trader who also provide a lot of articles and trade plans based on the Fibonacci and Elliot Wave principle. He was working for Capital Forex Group and His feature articles have been published in:, Action forex, Forex TV, Istockanalyst, ForexFactory, He mostly focuses on currencies, oil, gold, and the U.S. stock market. Gregor Horvat is also founder of forex services on provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). EWP provides a method for identifying price points at which a market is most likely to turn. Knowing the probable swing and reversal points provides confirmation of where investors could enter and exit positions for the highest probability of success. Gregor Horvat Chief  Technical Strategist Website:  For more analysis visit our website and Try our services absolutely free for 7-days!

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