jamiejudgie
Long

GBPUSD Elliott Wave / Fibonacci price target analysis

FX:GBPUSD   British Pound/U.S. Dollar
As the long term down trend line is broken, there is either a corrective zig-zag pattern or new bullish impulse developing.
We have already had one move up (marked a/1) and a corrective channel back down retracing 61.8% of the upward move (marked b/2). Since the a/1 - b/2 downtrend was broken, we are now in either a 'c' wave or a wave 3 of an impulsive move to the upside. The likely target for this price movement in either case is the parallel trend line drawn from (a/1) into the purple fibonacci extension zone.

If it is a wave 3, there is a good chance that price will reach the 1.618 target @ 1.45389 before retracing. If this happens, the retracement will most likely not exceed 1.43631, as this would invalidate the impulse wave count.

If the impulsive count is ruled out, expect price to swing back down to a new low - below 1.4078
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