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Contributors Top Trade Idea For November 18th, 2014 – GBP/USD

Today we will take a look at GBPUSD, pair that has been the weakest last week when pair lost nearly 300 pips. On daily chart we see a nice bearish swigs since start of this summer with clear lower lows and lower highs formation so we definitely want to stay in the direction with a trend, especially when it comes to trading.


GBPusd nov 18 2014 1

Based on the wave count above, there is room for another 300 pip drop or so as we are looking towards 161.8% Fibonacci extension target for wave three of three that seems to be in progress. As such, we want to get involved on the short-side and look for potential opportunity on lower time frames. Well, on the intraday, 30min count there was a three wave rally up 1.5591 to 1.5734 that is called a zigzag, now completed because of recent drop down to 1.5617. Notice that decline was impulsive from that latest swing high, so we except to see lower levels, especially as rally from 1.5617 also looks very slow and choppy, so it must be a correction as part of a downtrend.

GBPUSD intraday

GBPusd nov 18 2014 2

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Plan can be as follows;

Short at market

Stops at 1.5740

Target 1.5550

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 He also is founder of forex services on provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website:’s Services For 14 Days for just €1 at . 

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