Elliott Wave Analysis: GBP/USD Falling Like A Rock: By Gregor Horvat

Cable is turning sharply lower following worse than expected CPI data 2.5% vs 2.7% exp. We see the pair falling aggressively below the trading channel, so a five wave recovery came to an end exactly at our Fib. levels. We see the pair now in a bearish intraday mode which can take the pair back to its former wave four, to 1.4145.


GBP/USD H1 Chart

GBP/USD H1 Chart

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

Apr 18, 2018 05:40AM ET

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