MoodandMarkets
Short

Hit on the ground again!

FX_IDC:GBPUSD   British Pound / U.S. Dollar
As I had forecasted in the related idea the channel break came true, and I made a comment in the idea "Here is the breakout retest" which target was a little bit above 1.25.
If I am on the truck then the decline should accelerate soon. One two, one two has been built up so the momentum must come. There is two trading strategy on the chart so the juncture is created.

If the momentum won't come and go above 1.25 then the maybe the retest is complicated.

Important
Always use stop order, cutting losses, this is one of the essential elements of your risk management and if you would like to be an independent investor then you must be the master of risk management.

Disclaimer
Reserved the right to make changes the content on this analysis at any time without notice and is provided for the sole purpose of assisting traders to make independent investment decisions.
Comment: The picture has been modified. The downtrend has not been intact below 1.28 but without the momentum in the falling now a rising correction is ongoing. This correction can manifest in two ways(purple and blue) as you can see on the chart.
Comment: The rising in five ways is near the termination around the falling line and the divergence could be an early sign for the frustration. After the end of wave, the next leg down will come in the wave B correction.
Elliott Wave Analyst with CEWA degree

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