Elliott Wave Analysis: GBPUSD Trading In Final Stages Of A Reversal; 1.2000 Could Be The Next Reversal Zone
|Another turn down from 1.2430 the past week suggests that corrective decline from 1.2770 December high can be unfolding as a double zig-zag correction. That is a complex pattern, made out of two zig-zags, that can in the near term look for support near the 1.2000 psychological level. Generally speaking, we are expecting a bullish turn on cable, but we will need an impulse higher which is not the case yet so it's better to stay with current downtrend.
Recent gap is expected to get filled in the next few sessions.
GBPUSD, 4H
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 assets. 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 Open Markets 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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.