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GBPUSD Is Bearish Against 1.5750

GBPUSD is reversing from 1.5340 which appears to be start of a larger recovery, but only temporary. Notice that first leg down from 1.5750 has unfolded in five waves which means that move is impulsive and showing direction of a current trend that is bearish. As such, we expect that this trend will continue but after a completed three wave rise in black wave 2 that is now unfolding. Ideally this pull-back will find resistance somewhere around 1.5530/1.5600.

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