Back
20 May 2015
GBP/USD forming a bearish reversal – EW-Forecast
FXStreet (Barcelona) - Gregor Horvat of EW-Forecast, uses Elliott wave analysis to give the technical outlook for GBP/USD.
Key Quotes
“On GBPUSD we are looking A-B-C rally from April lows; a zigzag pattern that has a 5-3-5 structure which now appears complete after a sharp turn down in the last 48 hours from 1.5818 which seems to be an impulse in progress down in wave 1/A.”
“As such, we see much lower levels ahead as pair should make minimum three waves down but ideally market will make a new big bearish impulse, back to April lows.”
Key Quotes
“On GBPUSD we are looking A-B-C rally from April lows; a zigzag pattern that has a 5-3-5 structure which now appears complete after a sharp turn down in the last 48 hours from 1.5818 which seems to be an impulse in progress down in wave 1/A.”
“As such, we see much lower levels ahead as pair should make minimum three waves down but ideally market will make a new big bearish impulse, back to April lows.”