Technical + Fundamental Alignment: GBPUSD Short in PlayGBPUSD ( FX:GBPUSD ) is moving near the Resistance zone($1.354-$1,350) and has managed to break the Support line .
In terms of Elliott Wave theory , it seems that GBPUSD has completed the Zigzag Correction(ABC/5-3-5) , we can expect the next five bearish waves .
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Fundamental Analysis
1-Weak UK Economic Data:
Recent reports including Retail Sales, Industrial Output, and PMIs have come in below expectations.
Labour market is softening, and wage growth is decelerating.
2-Dovish Expectations for BoE:
With inflation cooling down, the Bank of England is expected to hold or even cut rates soon, reducing support for the pound.
3-Stronger USD Outlook
Despite some weaker U.S. data, the Fed maintains a hawkish stance. U.S. retail sales and inflation still support the dollar overall.
4-UK Political Risk
Upcoming UK elections on July 4 are adding uncertainty and downside risk to GBP.
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I expect GBPUSD to attack at least the Support lines based on the above explanation.
Targets: 1.3
1)1.3353 USD =>Risk-To-Reward: 1.51
2)1.3315 USD =>Risk-To-Reward: 2.00
Note: Stop Loss(SL): 1.3549 USD
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British Pound / U.S Dollar Analyze (GBPUSD), 1-hour time frame.
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