Bearish Trend On Cable Can Be Ending! - Elliott Wave Analysis

Gregor Horvat Wavetraders

Hello traders,

GBPUSD is trading clearly bearish, down from the 1.3177 level where a higher degree wave B/2 correction had ended. We see a five-wave impulse in play, with price now unfolding leg v with possible support, and a turning point zone near the Fibonacci ratio of 261.8/200.0 (1.248/1.243 region). A rally in impulsive fashion, and above the upper Elliott wave channel line would suggest a completed wave C/3, and a minimum three-wave change in trend.

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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