GBPUSD Roadmap Oct 2016

FX:GBPUSD   British Pound/U.S. Dollar
133 0 5
One final downleg.. and sigh of relief
Comment: Event risk next week as both FED and BOE have meetings. GBP net short position is very large...
Comment: The corrective bounce is on as expected. Potential target range 1.26/1.28 before the final downleg takes effect
Comment: Next week Yellen testifies plus some important UK eco data. Week of 23 Nov is the UK Budget statement. So 1.26/1.28 before reversal down is most likely scenario
Comment: Short term top in this corrective swing higher should come next 1-2 weeks before the final downleg into 1Q17
Comment: On time, the first red reversal candles appeared. Next week is FED meeting
Comment: Major low forming
Comment: Slow bottom forming. Marginal new low still possible but very late in the game. Let's see this month the Article 50 trigger and initial noises. Initial target could be in 1.40/1.45 range. So much upside if correct
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