290/350 Pip Pullback on GBPUSD?! (Elliott Wave)

Gregor Horvat Wavetraders

Hello fellow traders,

GBPUSD made a five-wave drop within a higher degree wave 5 of three, and found a low near the 1.201 region, from where a higher degree wave 4) started to form. Wave 4) is a correction within a trend, and represents a temporary pause; in our case it represenent a bear market rally, becase of the bearish trend. That said, bears can again regain control near the 1.225/1.238 area, where resistance, and a turn lower can be seen.

GBPUSD, 4h

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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