GBP/USD Chart

Big Picture Elliott Wave: We saw a move higher in the wave B) on the cable 2 hour chart, as the black downtrend channel was broken. The current top of wave B) is placed with a spike just above the 50% area and below the 61.% retracement which is a typical wave b target. This whole wave B) correction looks pretty sharp, so aggressive traders should be patient here with any short positions as the market could make some choppy moves before it finally moves lower. A break of the lower support line could be the signal for a wave C) move. The market has also bounced from the resistance line on the RSI indicator.




Written by Grega Horvat - thelfb-forex.com