Elliott Wave Analysis: GBP/USD Looking Bearish

GBP/USD made a bearish turn two weeks ago from 1.4374 level which can be a confirmation of a top in place, and for a minimum big, three-wave reversal to be in progress. We are tracking first wave A/1, which can see support around the 1.3600 region and near the lower channel support line, and make a bounce into a temporary pullback. Resistance for the upcoming correction can later be around the 1.3784/1.3997 area, where former swing highs can offer a turn lower.

GBP/USD H4 Chart

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

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