GBP/USD And USD/JPY Intraday Elliott Wave Analysis

By: Gregor Horvat | Thu, Dec 12, 2013
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A deep retracement on GBPUSD to 1.6340 in the last 48 hours appears to be only one leg of minimum three wave set back. We reworked the wave count and now tracking an incomplete wave (iv) pullback that is expected to find a support with subwave c) somewhere around 1.6290/1.6310; at former wave iv). With that said, short term bias on GBPUSD suggests sideways or even bearish price action.

GBPUSD 1h

GBP/USD 1-Hour Chart

USDJPY made very deep retracement in the last two trading days which we firstly thought it will be wave (ii) and that wave 4 already found a base at 101.60. However, pair is actually moving sideways since start of December so we are now observing idea of an incomplete triangle. With that said, be aware of more sideways price action before going higher. Stocks are also weak, not helping USDJPY much.

USDJPY 1h

USD/JPY 1-Hour Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

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