GBPUSD Remains In Bullish Mode Above 1.5000 –psycho level

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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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Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, 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 www.ew-forecast.com 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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