Elliott Wave Analysis: GBPUSD In Final Wave Five

Short

British Pound / U.S. Dollar (FX:GBPUSD)

FX:GBPUSD British Pound / U.S. Dollar

gbpusd elliottwaves impulsive correction

On the intraday chart of GBPUSD, we are observing a sideways correction, known as a triangle formation pattern, that could be completed as pair made quite a fall from the end of wave E. That said a new bearish cycle could be now underway in the final wave (5) with possible reversal zone around the 1.618 and 2.0 Fibonacci ratio.

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