Corrective rise back to 1.23-1-2.24 resistance (Elliott Wave)
|GBP has turned down in September after BoE did not decide for highe rates. Looking at the GBPUSD, the pair is making some nice reversal, it looks like the first leg of a three-wave corrective move into wave 4 which can be headed up to 1.2304-1.2368 resistance, where new sell-ers can show up, ideally next week. The reason why this can be an important resistance area is former wave four, the 38.2% Fibonacci retracement level, and plus wave 2 distance. The invalidation level is at 1.2549, as long it holds trend is down.
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