GBP/USD set to fall below 1.50; EUR/USD has room for

The USD is mixed across the board, but up strongly now against the GBP following the UK BoE minutes. On Cable we are still tracking a fourth wave as the correction became more complex after yesterday’s rally from around 1.5050. Based on the latest price action and the current sell-off from 1.5200 we suspect that the pair is making a triangle in wave 4) and that sooner or later the price will break out of range, falling beneath 1.5000.

GBPUSD 1h Elliott Wave Analysis

EURUSD is showing slightly different picture on the short-term charts, where the price can rally to a new swing high, to above.1.1637 as a recent small downward retracement unfolded in three waves. However, even a move up to a new swing high would still be only the third leg of a recovery from 1.1458, so even then market can be correcting and not reversing impulsively yet!

EURUSD 1h 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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