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GBPUSD Elliott Wave Analysis: More Downside Expected
GBPUSD is showing a 5 swing bearish sequence from 12/6 peak (1.277) which favors more downside. The decline from 12/6 peak is unfolding as a double three where wave (W) ended at 1.2198 and wave (X) ended at 1.2432. GBPUSD has since broken below wave (W) at 1.2198 which suggests that the next leg lower has already started. Near term focus is on 1.2025 - 1.2072 area to complete wave W and end cycle from 1/5 high, then pair should bounce in wave X to correct cycle from 1/5 high (1.2432) before pair resumes lower again towards 1.172 - 1.185 area. We don't like buying any proposed bounce and expect sellers to appear again to push the pair to another low once wave X bounce is complete in 3, 7, or 11 swing.
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