Cable is trading nicely lower for the last couple of weeks, now trading lower within extended blue wave (3) towards 1.5300 projected region, where we see 161.8% extension of wave 1) measured from wave 2) high. As such, based on the current price action we expected more weakness in week ahead.

GBPUSD Daily Elliott Wave Analysis

Cable is finally breaking lower, now already at new lows after strong USD on Friday following better than expected NFP figures. We were anticipating a break down into wave 5) that is now already underway, ideally towards 1.5480-1.5500 projected zone, but weakness could extend even towards 1.5300 while 1.5693 remains in place.

GBPUSD 4h Elliott Wave Analysis

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