GBP/USD Elliott Wave Retracement Short Set Up

FX:GBPUSD   British Pound / U.S. Dollar
Elliott Wave 4 confirmed at failed break of the 76.4% Fib level.

Brexit fears weight down optimism as well as a a key member of the British cabinet provoking a cross party spilt of the ruling Conservatives.

CPI             data tomorrow is not expected to be highly positive and a poor read should confirm a lower close for Tuesday.

There are event risks with the ZEW survey and CPI             as mentioned which if positive may boost sterling back to a re-test of the 76.4% Fib level.

Advised stop is 15 points above the 76.4% fib level. Advised target short term 50% fib and long term 0% fib. Prices are on the chart.

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