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Pound Continues To Lower Levels

GBPUSD fell sharply in the last two trading days which looks like a start of new impulsive leg lower. We labeled end of wave (2) at 1.5500 area so current sharp sell-off can be a start of wave (3). For final confirmation we still want to see a broken support line of downward channel which will open door for a move down to 1.4500 area seen in April. Only move back above 1.5500 level will put market in bullish mode.

GBPUSD, Daily

GBPUSD Elliott Wave Daily Chart

On the 4H chart, Pound fell sharply last week across the board, especially against the USD. We can see a new leg down that has an impulsive qualities so pair is expected to remain bearish as leg down from 1.5500 should unfold by five waves. Currently we see price in pullback that can be wave 4 which may look for a top at 1.5250 neckline and channel resistance zone. That said, we expect more weakness soon down towards 1.5000 psychological level, and then even to 1.4870.

GBPUSD, 4H

GBPUSD Elliott Wave 4-Hour Chart

 


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