GBPUSD could have ended the wave minor 4 correction at 1.2768 Nov 8 low.
This scenario sees the current structure as impulsive with minute waves 1,2 and 3 (perhaps 4 too) completed.
In case prices slide below 1.2886 we could see the end of minuette wave a, then receive a b and c lower as part of an a,b,c zigzag. However, if prices break above 1.2940 the chances that we will see minute wave 5 creating fresh highs could increase. This could be followed by a minute correction a,b,c, and then another bullish impulse to complete minor wave 5 (intermediate wave 3).
Stavros Tousios Head of Investment Research Orbex
This analysis is provided as general market commentary and does not constitute investment advice.