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GBP/USD: Weakness Could Extend To 1.5900

Cable fell slightly beneath the psychological 1.6000 level yesterday after a recent tricky expanded flat formation was placed in wave B). However, despite weaker price we think that whole decline from above 1.6330 will prove corrective, which means it’s part of a larger uptrend.

GBP USD Elliott Wave Analysis January 17 2013
GBP USD Elliott Wave Analysis – Click image to enlarge

However, on the intra-day basis focus should be for lower levels in the next few sessions with a decline to 1.5950 or even 1.5900 before we may look for a wave C) low and reversal higher.

These levels remain in view while 1.6100 resistance is in place. Any push above that resistance will suggest that pair has bottomed.

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Gregor Horvat

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!