9 Mar 2015
GBP/USD moving towards 1.4300-1.4200 area – EW-Forecast
FXStreet (Barcelona) - Gregot Horvat of EW-Forecast, gives the technical outlook for GBP/USD using Elliott Wave Analysis.
Key Quotes
“Cable has turned sharply lower in the last two weeks so we see wave four rally as complete near 38.2% Fibo level where we highlighted a coming reversal in our past updates.”
“Notice that decline is now extremely sharp with strong bearish momentum that can cause more weakness in weeks ahead, down to around 1.4200/1.4300 projected levels for wave (5), final leg of a five wave decline from above 1.7100.”
Key Quotes
“Cable has turned sharply lower in the last two weeks so we see wave four rally as complete near 38.2% Fibo level where we highlighted a coming reversal in our past updates.”
“Notice that decline is now extremely sharp with strong bearish momentum that can cause more weakness in weeks ahead, down to around 1.4200/1.4300 projected levels for wave (5), final leg of a five wave decline from above 1.7100.”