Elliott wave Analysis: GBPUSD Intra-day Development

Gregor Horvat Wavetraders

Hi traders,

GBPUSD is slowly turning to the upside, however we believe a temporary three-wave correction is in play rather then a new change in trend. We can see that from 1.3173 level price dropped in five waves, meaning current rally can be its three-wave correction. In that case, we believe a temporary three-wave A-B-C pullback will unfold, which can later look for resistance and a reversal near the 1.307/1.3100 region, where former swing high and various Fibonacci ratios can slow price down.

GBPUSD, 1h

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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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