Top trade idea for June 14th, 2016 – GBP/USD
By Gregor Horvat on Jun 14, 2016 02:35:56 GMT
GBPUSD is in recovery mode since March of this year when pair accomplished an extended five wave drop down in wave III. We know that after a very powerful leg, market will make a corrective retracement which will either be simple or complex. In our case we think it’s something more complex in wave IV but it might be completed after recent strong leg down to 1.4200 area which can be subwave three of V headed to new lows of the year.
On the lower time frame, Cabel has turned sharply lower last week with accelerating price action towards 1.4150 level so we have to consider idea of more weakness ahead as decline from 1.4700 is very strong, so it can be wave three underway to around 1.4000 psychological level, within context of a bearish continuation as shown on a daily chart where price is pointing down into wave five.
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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