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

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.