GBPUSD found some resistance recently around 1.6600 figure where we think that pair will form a top even if just temporary. Our primary count suggests that GBPUSD will fall in impulsive fashion because of a big picture with a bearish triangle. But for this confirmed scenario we need an impulsive sell-off back to 1.5500. For us the most important is probability on short-term swings. As such, we are also tracking the second wave count, which is different on a big scale but same on the short-term. We see a completed five waves up that now suggests a three wave retracement back to 1.5900. As such, it seems that GBPUSD will be weakening in the next few weeks.

GBPUSD Daily Elliott Wave Analysis #1-correction from July 2013 low

GBPUSD Daily Elliott Wave Analysis #2- five up, now three down

On the 4h chart BPUSD is showing bearish pattern after an impulsive drop in price from 1.6600 followed by recent three wave rally from 1.6220 low that is a corrective move, most likely wave (ii) that will complete current rise around 1.6500 region. A break of 1.6380 swing low may put pair in bearish mode for 1.6220.

GBPUSD 4h Elliott Wave Analysis

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Ew-forecast.com is providing advanced technical analysis for the financial markets (Forex, Gold, Oil & S&P) with method called Elliott Wave Principle. We help traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our view and bias as simple as possible with educational goal, because knowledge itself is power.

Gregor is based in Slovenia and has been in Forex market since 2003. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets; from candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful to traders.
He was working for Capital Forex Group and TheLFB.com. His featured articles have been published in: Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu. He mostly focuses on currencies, gold, oil, and some major US indices.

© 2013 Copyright Gregor Horvat - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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