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GBPUSD Looks For Resistance

Currencies / British Pound Dec 02, 2013 - 02:20 PM GMT

By: Gregor_Horvat

Currencies

GBPUSD is at the highs, now above wave the trendline connected from 2009 highs but still below 1.6744 which is a triangle invalidation level from a weekly chart. As such, we are still tracking final stages of a red wave E) that could be looking for a top formation in 1.6500-1.6650 region. However, before we may look for end of a current rally we need five waves up in black wave C which is still not the case so be aware of more upside in this week.


On the contrary, move back beneath 1.6240 would suggest that highs are already in.

GBPUSD Daily  Elliott Wave Count #1
GBPUSD broke to a new high as expected after we identified end of a corrective retracement at 1.5850. As such, we are now tracking a new impulse leg up with can be wave C, final part of a double zigzag in wave E). If this is correct count then rally from July low is near completion. Ideally we will see a reversal down from around 1.64-1.66 region.

GBPUSD Daily Elliott Wave Count#2
We are also tracking a different count that shows a five wave rally from July low, but even this count is calling for a turning point as we see pair in fifth wave up.

Written by www.ew-forecast.com | Try our 7 Days Free Trial Here

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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