Pound Sterling Price News and Forecast: GBP/USD forecast – Bears eye a break below 1.2350

FXStreet Team FXStreet

GBP/USD: Bearish correction (B) is half completed

It is assumed that the GBPUSD pair can build a corrective cycle wave IV. Perhaps this correction takes the form of a triple zigzag of the primary degree Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. At the time of writing, the final primary wave Ⓩ is under development.

There is a high probability that the actionary wave Ⓩ will have the form of a standard zigzag (A)-(B)-(C), as shown in the chart. We see that the first wave (A) has already been built. After it, the market went down in correction (B). Wave (B) may take the form of a double zigzag and end near 1.200. At that level, it will be at 76.4% Fibonacci of impulse (A). Read more ...

GBP/USD Forecast: Bears eye a break below 1.2350

GBP/USD has reversed its direction, declining below 1.2400 early Wednesday, after having managed to close in positive territory above this level on Tuesday. The technical outlook points to a bearish tilt in the short term and a break of the 1.2350 support could open the door for an extended slide.

The risk-positive market atmosphere made it difficult for the US Dollar (USD) to find demand in the first half of the day on Tuesday and helped GBP/USD stage a decisive rebound. In the late American session, however, markets turned cautious after the bill to suspend the debt ceiling only narrowly passed the House Rules Committee. Read more ...

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FXStreet

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