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Short

Possible WXY in the GBPUSD Hourly chart

FX:GBPUSD   British Pound/U.S. Dollar
158 0 7
Take a look at our GBPUSD wave analysis and forecast. This is of course a short term view of the GBPUSD             . We were awaiting the completion of the 4th wave in a higher degree. Although our initial expectation of an ABC completion and the price target of 1.34000 levels has changed since todays break of the presumed B wave did not have enough stamina for a C wave impulse as expected.
Because the price has been squeezed into a possible triangle, we now expect a completion of the correction with a WXY. Either way a break out from the overall structure is key confirmation for a trade. Until that we prefer to stay on the sidelines.
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