The price action of the GBPUSD is busy developing a new downtrend, following FED's January policy decision and the better-than-expected GDP numbers in the U.S. for Q4.
The downtrend is taking the form of a 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory.
Following the decisive breakdown below the 61.8 per cent Fibonacci retracement level at 1.33867 and lower limit of the descending channel, the price action is now likely to head towards the previous swing low at 1.32000.
The downtrend is taking the form of a 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory.
Following the decisive breakdown below the 61.8 per cent Fibonacci retracement level at 1.33867 and lower limit of the descending channel, the price action is now likely to head towards the previous swing low at 1.32000.
