GBP/USD In A Bear Trend – Elliott Wave Analysis

GBP/USD is turning impulsively down from 1.348 high and breaking below the lower channel line, which confirms a top in place, and a minimum change in trend to be underway. We labelled current decline as a wave A)/1), first leg of a reversal, which is an impulse, and can once completed, push price into a temporary pullback within a trend; wave B)/2), which can rally towards possible resistance at 1.303/1.305 level. Once a pullback within a reversal develops, bears may resume even lower.

4h gbpusd

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