GBPUSD Elliott Wave Analysis: Uptrend Continuation

gbpusd-elliott-wave

GBPUSD has extended gains in this week and now already trading above 1.6600 region. Personality of the latest bullish run is very sharp so it’s impulse in progress, thus part of an uptrend. We adjusted the wave count and labeled a five wave decline from 1.6667 as wave (c) that was part of an expanded flat in wave B. If that is the case then pair is now heading higher in wave C towards 1.6730 area. Any short term set-back may stop at 1.6510-1.6580 zone
GBPUSD 4h Elliott Wave Analysis
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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