GBPUSD Elliott Wave Forecast: Looks Lower

By: Gregor Horvat | Mon, Jan 27, 2014
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GBPUSD reversed strongly to the downside on Friday from 1.6667 high where pair is showing signs of a top, even if just temporary. A decline from the high is strong and sharp that has extended through the lower side of a recent upward channel. This bearish reversal suggests that pair is heading even lower, ideally back to 1.6300 in this week.

GBPUSD 4h Elliott Wave Analysis

GBP/USD 4-Hour Chart

On GBPUSD intraday chart we see five waves down from 1.6665 which suggests more GBP weakness after a corrective retracement that is expected to stop at 1.6565/1.6590 resistance zone. Move back beneath 1.6500 will put new low in play.

GBPUSD 1h Elliott Wave Analysis

GBP/USD 1-Hour Chart


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat

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 He also is founder of forex services on provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website:

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