Top trade idea for January 26th, 2016 – GBP/USD
By Gregor Horvat on Jan 26, 2016 03:53:21 GMT
GBPUSD made another bearish leg after the price took out 1.4560 level as noted in our past updates. Notice that current decline is extended, so it must be impulsive as part of a much bigger bearish cycle. However, price reached our Fibonacci projected levels for current wave 3-circled where bearish wave can be slowing down; but not for long as current bounce will be treated as a correction within ongoing weakness towards 1.4000. However, wave 4-circled can recover back to 1.4560 before downtrend resumes.
About Gregor Horvat
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/ Try EW-Forecast.com’s Services Free For 7 Days at http://www.ew-forecast.com/service
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