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26 Feb 2015
GBP/USD 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
“GBPUSD is trading nicely higher after recent breakout of a triangle placed in wave B) as highlighted in our past updates.”
“We see pair now in wave C) final leg of a second zigzag that can complete the upward correction of wave (4).”
“Notice that pair reached our resistance area, so we need to be aware of a bearish turn in sessions and days ahead.”
“An impulsive drop back beneath 1.5400 would mean that top has been reached and that market is going lower.”
Key Quotes
“GBPUSD is trading nicely higher after recent breakout of a triangle placed in wave B) as highlighted in our past updates.”
“We see pair now in wave C) final leg of a second zigzag that can complete the upward correction of wave (4).”
“Notice that pair reached our resistance area, so we need to be aware of a bearish turn in sessions and days ahead.”
“An impulsive drop back beneath 1.5400 would mean that top has been reached and that market is going lower.”