Forecasting the weakness in $GBP before BoE announcement

Here in Elliott Wave Forecast, we don’t pay attention to the news and we believe that Fundamentals are used to justify the moves that have happened already. As EWF members already know, our forecasts are pure technicals, based on Elliott Wave theory, Cycles, Fibonacci levels,Market Correlations and proprietary Pivot system.

Last week during the 11.05 our Elliott Wave analysis suggested weakness in $GBP before the Interest Rate Decision was announced by the Bank of England.

Let’s take a quick look at the Elliott Wave charts of the $GBPUSD, $GBPJPY, $GBPAUD, $EURGBP before and after the BoE announcement.

$GBPUSD 11.5.2015 Asia Update (before BoE) / NY Update (after BoE)

$GBPJPY 11.5.2015 Asia Update (before BoE) / NY Update (after BoE)

$GBPAUD 11.5.2015 Asia Update (before BoE)/ NY Update (after BoE)

$EURGBP 11.5.2015 Asia Update (before BoE) / NY Update (after BoE)

Note: Further path has been removed in order to protect EWF’s clients privileges.

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