EW Analysis: Cable Can See More Weakness After A Pullback

OANDA:GBPUSD   British Pound / U.S. Dollar
Hello tradars!
Today we will talk about Cable ( GBPUSD ) and its price action + wave structure from Elliott Wave perspective.

Cable is turning south and it's pointing even lower after we noticed a bigger A-B-C corrective rally from March lows. So currently, after recent broken channel support line, we are tracking at least a three-wave A/1-B/2-C/3 decline that can send the price at least back to the 1.2250 support area . But, before that sell-off for wave C/3, we may see a temporary intraday recovery for wave "c" to complete an a-b-c, a higher degree expanded flat correction in wave B/2, where ideal resistance would be at that trendline connected from March lows, 61,8% Fibonacci retracement and 1.30 - 1.32 zone. We will expect more weakness for GBPUSD as long as it's trading below 1.3488 invalidation level.

It is worth reporting that the UK Prime Minister Boris Johnson will hold talks with the European Commission President Ursula von der Leyen agreed in a phone call on Saturday to step up negotiations on a post-Brexit deal. Given the lack of progress in the ninth round of Brexit negotiations, the efforts to close gaps extended some support to the British pound. However, it might be only a temporary support and recovery ahead of important October 15 deadline for Brexit deal .

All that being said, wave structures and upcoming news match nicely, so timing can be perfect.

Be humble and trade smart!
If you like what we do, then please like and share the idea!

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Black friday SALE: 70% DISCOUNT on your first month of membership. https://ew-forecast.com/register

👉 https://twitter.com/GregaHorvatFX
👉 https://twitter.com/ewforecast
👉 Telegram https://t.me/EWFTraders


Very good analysis.
What if ...
Heard they'll back their currency with venezuelan gold ;))
I don't think so....
ew-forecast mohsenfx
@mohsenfx, we do not have to agree. everyone has their own views and trades, and that's what makes the market, right ?
Nice job
Great chart, appreciate it
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out