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$GBP/USD Short Term Elliottwave Analysis 5/19/2015

Long
British Pound / U.S. Dollar (FX_IDC:GBPUSD)  
EWForecast  
FX_IDC:GBPUSD   British Pound / U.S. Dollar
Elliott Wave cable poundsterling
4
2
elliottwaves cable poundsterling
Rally to 1.5815 completed wave W, and the pair has pulled back as expected per our 5/15/2015 post (see related ideas below). Wave X pullback is currently still in progress and expected to complete at 1.536 - 1.545. We don't like selling wave X pullback. From 1.536 - 1.545 area, the pair should see buyers for 3 waves higher at minimum to correct the decline from 1.5815, if not a new high.towards 1.586 first, then 1.602. The pair is bullish as far as 1.5087 level holds.

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