Gbpusd in a bear move - elliott wave analysis

Gregor Horvat Wavetraders

Hello traders,

GBPUSD made a sharp, impulsive decline, following start of September, which suggests a high in place for a former wave 5 at the 1.348 level, and a minimum, three-wave, bearish reversal underway. We can see first impulse lower as A)/1) of a bearish reversal as completed, so latest recovery can be part of a three-wave correction within a B)/2), which can take price towards the 1.303 resistance level, or higher towards the 1.323 resistance level, where Fib. ratio of 61.8 sits. Once a correction develops, and we see a new impulsive decline, that is when wave C)/3) may be underway.

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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