GBP/USD Elliott Wave: Bearish impulse opens room toward 1.3150–1.3000 [Video]

Gregor Horvat Wavetraders

GBPUSD is falling sharply, and this looks like it could be part of a bearish impulse. A break below the lower trend line of a bearish base channel normally points to a potential acceleration into wave three, which can be a strong and extended move. In that case, more weakness toward the 1.3150–1.3000 area is possible as the next important downside target.

Be aware that a wave-four pullback (or another corrective bounce within the ongoing downtrend) can still show up before the market resumes lower into wave five. Resistance sits at 1.3270–1.3360.

We also talked about GBPUSD (and more markets) in yesterday’s webinar — the recording is below.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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