ew-forecast

GBPUSD : Correction Within Downtrend

FX:GBPUSD   British Pound / U.S. Dollar
GBPUSD             is turning up sharply from 1.3830, clearly with an impulsive price action visible on the lower time frame, which suggests that an extended five waves down from 1.5507 completed black wave 3. We know that after every impulse market will make a three wave retracement, so we think that corrective wave 4 bounce is now unfolding back to the termination point of a former wave, at 1.4667 where we also see 38.2% Fibonacci retracement level, as well as low of 2015, so this region makes it as a very interesting resistance from where we would expect a new turn to the downside.

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