GBPUSD May See Limite Upside and Reverse Sharply

If from any reason USD trend would reverse then our candidate would be GBPUSD for shorts as pair can be trading close to a resistance of a wave C which is looking like an ending diagonal. It’s a very powerful reversal pattern which would be confirmed as completed once wave four swing support is broken, at 1.3210.

GBPUSD, 1H

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