GBPUSD Elliott Wave Analysis: Bearish Towards 1.6300 Level

By: Gregor Horvat | Mon, Feb 3, 2014
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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 4-Hour Elliott Wave Analysis Chart


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

GBPUSD 1-Hour Elliott Wave Analysis 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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