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British Pound GBP USD Bearish Reversal

Currencies / British Pound Feb 03, 2014 - 04:13 PM GMT

By: Gregor_Horvat

Currencies

GBPUSD moved to a new swing high two weeks back but then turned sharply down from 1.6660 level so our count from the past weeks remains valid. We are tracking a complex correction from July 2013 that can be wave E), final leg of a wave (B) triangle pattern. If that is the case then market should move impulsively to the downside while 1.6780 high from April of 2011 must stay in place.


GBPUSD Daily Elliott Wave Analysis

Count#2 Five Wave Up, Now Three Wave Down

Our second impulsive count posted below also suggest that GBPUSD will turn bearish, even if just temporary for a thee leg decline.



GBPUSD 4h
GBPUSD has finally moved to the downside at the end of the last week, through 1.6470, into a third leg of decline from the top that can be wave (iii) heading towards 161.8% Fibonacci extension target that comes in around 1.6300. We will be looking down now as long as 1.6625 is not breached.

GBPUSD 4h Elliott Wave Analysis

GBPUSD 1h
GBPUSD is one of the weakest today, now already beneath 1.6350 after recent 100pip fall with accelerating price action that we think represents part of a red wave iii) that may look for a support around 1.6300.

GBPUSD 1h Elliott Wave Analysis

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.

© 2014 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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