Back
26 Jan 2015
GBP/USD downtrend in play – EWForecast
FXStreet (Barcelona) - Gregor Horvat of EW-Forecast, feels that GBP/USD might see a retracement before heading lower towards 1.4500 area.
Key Quotes
“Cable is at new lows as expected after we recognized a corrective pattern just above 1.5600 back in December. Pair fell sharply since then, clearly in five waves with current price already in fifth wave which means that sooner or later pair can turn into a correction.”
“Ideally, we will see a retracement back into the wave (4) before pair can go even lower, then to 1.4500 area.”
Key Quotes
“Cable is at new lows as expected after we recognized a corrective pattern just above 1.5600 back in December. Pair fell sharply since then, clearly in five waves with current price already in fifth wave which means that sooner or later pair can turn into a correction.”
“Ideally, we will see a retracement back into the wave (4) before pair can go even lower, then to 1.4500 area.”