GBPUSD Headed Towards the Next Swing Low
Following last week's turbulent policy decisions of the FED and BOE, GBPUSD is once again falling. The downswing commenced following the completion of a major 1-5 impulse wave pattern, as postulated by the Elliott Wave Theory. Notably, this occurred at the 61.8 per cent Fibonacci retracement level at 1.33781.
This week began with a breakdown below the 23.6 per cent Fibonacci at 1.32435, currently converging with the 200-day MA (in orange). This represents a major bearish indication.
Unless the price action manages to find support at the previous swing low at 1.32050 (current spot price), its next chance to do so would be at the 1.31750 swing low.
This week began with a breakdown below the 23.6 per cent Fibonacci at 1.32435, currently converging with the 200-day MA (in orange). This represents a major bearish indication.
Unless the price action manages to find support at the previous swing low at 1.32050 (current spot price), its next chance to do so would be at the 1.31750 swing low.
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