GBPUSD Price at 2009 Trendline, Be Ware Of Bearish Reversal – Elliott Wave

GBPUSD-Elliott-Wave-Weekly

GBPUSD is at new highs, now above wave A 1.6255 high which means that pair is already in wave C. This wave C can be a final leg of a complex corrective rally in wave E) that is already testing a trendline from 2009 high. As such, we need to be aware of a possible bearish reversal in the next few days, in impulsive fashion back to 1.6130. This would then be a strong bearish signal for the pound.
Written by www.ew-forecast.com

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com