Pound Sterling Price News and Forecast: GBP/USD trades 0.35% lower on Monday despite USD weakness against the EUR
|GBP/USD 3rd Elliott Wave might pull back soon
GBP/USD has been in a downward trend since 10th June making some significant lower highs and lower lows. The price has now moved toward the 76.4% Fibonacci retracement which matched up very nicely with the 138.2% Fibonacci extension.
There is also a bullish divergence on the Relative Strength Index indicator. If you look closely you can see the indicator waves have made a higher low and the price made a lower low wave pattern.
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GBP/USD: Cable remains under corrective pressure
Despite an early rebound this morning, Cable remains under corrective pressure. A slight realignment of what is now a two and a half week downtrend sees Cable still pulling lower within its medium term range (of $1.2075/$1.2810). The market has bounced initially off $1.2312m, but with momentum indicators still deteriorating, there is a sense that near term bounces will struggle to sustain traction.
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