Elliott Wave Analysis: GBPUSD Trading In Final Stages Of A Reversal; 1.2000 Could Be The Next Reversal Zone

Gregor Horvat Wavetraders

Another turn down from 1.2430 the past week suggests that corrective decline from 1.2770 December high can be unfolding as a double zig-zag correction. That is a complex pattern, made out of two zig-zags, that can in the near term look for support near the 1.2000 psychological level. Generally speaking, we are expecting a bullish turn on cable, but we will need an impulse higher which is not the case yet so it's better to stay with current downtrend.
Recent gap is expected to get filled in the next few sessions.

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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