GBPUSD: Correction Could Extend Up To 1.5600

GBPUSD is still recovering  since prices broke through the trend-lineconnected from above 1.6300. As such, we labeled recent big fall as a completedfive wave move in wave I, followed by a corrective bounce which we think itswave II. With that said, recovery from the lows is just temporary so we must beaware of a new sell-off, but only if pair breaks through the lower support lineof a corrective channel. For now thats not the case yet so we could see a testof 1.5600 or even 1.5700 in the days ahead, before market turns lower.

GBPUSD Daily; Elliott Wave Analysis Chart

GBPUSD
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