Trend_Analyst

SHORT GBPUSD 30m Chart Possible Elliot Wave Count

Short
FX:GBPUSD   British Pound / U.S. Dollar
Friday the 15th saw GBPUSD push higher up into resistance just below the 1.29000 level. I have marked on the chart a possible 5 wave move which would indicate Monday the 18th should see some retracement back to the 1.28600 level (wave 4) before moving higher again to retest resistance at 1.29000 before moving higher to complete wave 5.
Stochastic has been in oversold territory for a while which suggest we could soon see momentum turn to the downside.