19 Feb 2015
GBP/USD at a final leg of its corrective retracement? – EW-Forecast
FXStreet (Barcelona) - Gregor Horvat of EW-Forecast, uses Elliott Wave Analysis to predict that GBP/USD might be in the final leg of its corrective advance, expecting the pair to face resistance in the 1.5550 – 1.5600 area.
Key Quotes
“GBPUSD is at new swing high, so obviously corrective advance from the low is still underway.”
“We are looking now at double zigzag, with second zigzag underway but already in late stages after recent bounce from 1.5310 where wave C) has started.”
“As such, pair can be in final leg now of a corrective retracement from January highs, so new bearish turning point may occur sooner than later.”
“We are looking at 1.5550-1.5600 as a potential resistance area.”
Key Quotes
“GBPUSD is at new swing high, so obviously corrective advance from the low is still underway.”
“We are looking now at double zigzag, with second zigzag underway but already in late stages after recent bounce from 1.5310 where wave C) has started.”
“As such, pair can be in final leg now of a corrective retracement from January highs, so new bearish turning point may occur sooner than later.”
“We are looking at 1.5550-1.5600 as a potential resistance area.”