Time for a Correction on GBPUSD
Following the completion of a major bearish Elliott Wave cycle, which was forecasted by our previous analyses of the GBPUSD, the price action of the pair is currently establishing a bullish pullback.
The pullback recently reached the 61.8 per cent Fibonacci retracement level at 1.35820, which is where a bearish correction is most likely to emerge from. It could fall as low as the 38.2 per cent Fibonacci at 1.34225, which is currently converging with the 100-day MA (in blue).
The pullback recently reached the 61.8 per cent Fibonacci retracement level at 1.35820, which is where a bearish correction is most likely to emerge from. It could fall as low as the 38.2 per cent Fibonacci at 1.34225, which is currently converging with the 100-day MA (in blue).
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