Elliott Waves Forecasting the decline of $GBPUSD into the Brexit event

Elliott Wave Forecast has proved one more time that Technical Analysis is a step ahead of Fundamental Events. The price structure of $GBPUSD was showing incomplete bearish Elliott wave sequence into the Brexit Referendum. Our forecast suggested short term rally towards 1.4920-1.5491 to complete 6th swing and decline in 7th swing toward 1.330 area to end the cycle from the 2014 high. This is exactly what happend the day after Referendum, $GBPUSD reached mentioned reversal area and made drop of 2200 points. Update charts and expected future path of $GBPUSD can be found in the membership area of EWF. ( If not a member yet just sign up for 14 days Free Trial)

The video below is a short capture from London Live Session held on June 22th, 2016 by EWF Technical Analyst Hendra Lao.

 

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