We had a strong fall on this pair during yesterday trading. We are still hovering around corrective channel lower trend line which now serves as support. We see possible break of this channel soon and possible completion of the wave 1 to the downside. This means that we are in the beginning stages of the new fall of GBP. Our price target for this first wave to complete is around 1.5831 after we would expect to see corrective pullback in the wave 2 which may find now resistance on the lower corrective channel around 1.5510-50 levels.Yesterday we went short GBPUSD and still holding.
GBPUSD 4h Elliott Wave Analysis
gbpusd elliott wave

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