Is cable finally bottoming?

September 28, 2017 10:16 AM
Elliott Wave Analysis: GBP/USD

Is cable finally bottoming? This is what I am wondering at the moment after that turn up from 1.3340 low. We see price approaching upper channel resistance line, but still, need a push out of that downtrend and a daily close above 1.3464 before a low of Wave 4 can be locked in.


GBP/USD, 1 hour

 

About the Author

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/