Elliott Wave Analysis: GBPUSD Trading In A Three Wave Correction

Gregor Horvat Wavetraders

On the 4h chart of GBPUSD we are observing a bearish structure at the moment that should unfold in three waves in black wave B. We see some nice support for this decline to come in around 1.2080 level which can be triggered in the following days. An updated count shows a sharp reversal into wave C-circled of B taking place, after a three wave retracement unfolded in the past blue wave B-circled and found a top at the 1.2439 level.

GBPUSD, 4H

Author

Gregor Horvat

Wavetraders

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

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