![\"GBPUSD](\"http:\/\/charts.stocktwits.net\/production\/original_15748979.png\")
<\/p>\nPound (Forex: GBPUSD) is in bullish mode and reached our projected zone for this week; 1.5800-1.5900 which is actually a very important resistance zone in combination with the wave principle and Fibonacci levels. As you can see on the chart we are tracking a huge wedge pattern called an ending diagonal which usually predicts a very strong reversal. With that said, we are keeping an eye on potential sell-off on this pair from current resistance zone. This sell-off can happen soon if we consider that prices are in late stages of wave 5) now, testing 61.8% Fibonacci projection compare to wave 3) and also approaching 161.8 % extension of wave 4).<\/p>\n
However as always only price can confirm the direction you anticipate. In other words, we need a five wave decline from the highs to confirm further bearish waves for the pair. Only then trader could be interested in short opportunities, until then stay aside.<\/p>\n
GBPUSD 4h Elliott Wave Analysis<\/i> <\/p>\n
Written by www.ew-forecast.com<\/a> | Try EW-Forecast.com\u2019s Services Free For 7 Days at http:\/\/www.ew-forecast.com\/service<\/a><\/strong><\/p>\n <\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Pound (Forex: GBPUSD) is in bullish mode and reached our projected zone for this week; 1.5800-1.5900 which is actually a very important resistance zone in combination with the wave principle and Fibonacci levels. As you can see on the chart we are tracking a huge wedge pattern called an ending diagonal which usually predicts a … <\/p>\n