Goldman Sachs remains bearish GBP/USD

  • The nature of the consolidation has seemed corrective (counter-trend).

  • A break higher than 1.3569 (23.6%) would advocate a more cautious/neutral stance.

  • Through 1.3836-1.3846 exposes potential to have already based. This level includes theprevious low from Feb. 29th and 38.2% retrace of the drop from the Jun. 24th high.

  • The decline since Jun. 29th seems impulsive; a potential 4th wave in a 5-wave sequence.Wave 4 should avoid overlap with the bottom of wave 1 which is at 1.3364. Wave 5 has aminimum target at 1.3171 and an extended 1.618 target down at 1.3066. Reaching 1.3066would mean making a marginal new low past the 27th July at 1.3121.

  • View: Remain bearish with a tight stop at 1.3364. Targeting 1.3177, scope to see ~1.3066.

(Goldman Sachs)

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