Elliott wave Analysis: GBPUSD On A Bearish Ride

Intermediate

Hello fellow traders!

GBPUSD is looking bearish and can now be unfolding final stages of a sub-wave 3) of blue wave 1. We are observing minor leg 5 of 3) in progress, with possible support, and a turn into a corrective wave 4) around the Fibonacci ratio of 261.8 (1.235/1.223 region).

GBPUSD, Daily

GBPUSD Daily Chart

On the 4h chart of GBPUSD, we can see that price looks to have completed a corrective pullback of a lower degree in wave iv), up from 1.244 area with resistance at 1.258 level. Current drop is evidence that wave v) of a bigger, bearish structure is in progress, with projection target of 1.235/1.226 region.

GBPUSD, 4h

GBPUSD 4hr Chart

Trade well!

@ewforecast

Gregor Horvat

Elliot Wave Technical Analyst

Gregor Horvat is based in Slovenia and has been in the Forex market since 2003. He has been working for Capital Forex Group and TheLFB.com.

He is the owner of www.ew-forecast.com, which prov...continued

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