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Chart of the Day: Gbp/Usd Bearish Leg Expected

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Chart of the Day:

Gbp/Usd

Daily chart trend: Mixed. Main price points: 1.5705, and 1.7041. Looking for: A complex wave IV

Over the past months of price action the market was unable to hit new highs, and as such a Short, corrective wave is still developing.

In a red wave IV, the market is forming a more complex correction than firstly thought, so we are seeing (NYSE:W)-(NYSE:X)-(NYSE:Y) pattern form, with wave (Y) that is in process. The current wave count structure signals for a move below 1.5705 support over the following weeks, once a black wave B) is complete.

TheLFB Charting: Gbp/Usd daily view

 

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Disclosure: Short Cable