Elliott Wave Analysis: GBP/USD Eyeing Lower Levels

USD is getting stronger and stronger, now already trading at a new high against pound. On cable we see price that broke beneath 1.2630 yesterday which seems to be a very important evidence for further decline, as this one is looking more and more impulsive down from 1.2814. We expect a continue to 1.2500 this week, while price is trading beneath 1.2700 area. Any recovery above that figure would invalidate our bearish view.

GBP/USD, 1H

GBP/USD Hourly Chart

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.

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