Below is my view on GBP based on EW analysis.
The corrective move upwards seemed to be a double zigzag and is it over.
The upward movement went through a series of three triangles, each delivering nice thrust. We know that triangles always precede the last motive wave, and since the latest wave 5 was fully retraced, the only movement that's ahead is down.
In my view we are going to see a cascaded downward movement reaching the ending points of former triangles:
- 1.5662 (reached)
- 1.5400
- 1.5200
It is not yet clear what will happen beyond 1.5200. I believe the market may trace an upward correction at that point and then will head down to 1.4600 tracing D wave of an expanding triangle.
The corrective move upwards seemed to be a double zigzag and is it over.
The upward movement went through a series of three triangles, each delivering nice thrust. We know that triangles always precede the last motive wave, and since the latest wave 5 was fully retraced, the only movement that's ahead is down.
In my view we are going to see a cascaded downward movement reaching the ending points of former triangles:
- 1.5662 (reached)
- 1.5400
- 1.5200
It is not yet clear what will happen beyond 1.5200. I believe the market may trace an upward correction at that point and then will head down to 1.4600 tracing D wave of an expanding triangle.