Monday, May 23, 2016

Elliott wave analysis of GBP/USD - Breaking support near 1.4485 calls for a decline to 1.4024


GBP/USD - Breaking support near 1.4485 calls for a decline to 1.4024 


The break below support near 1.4485 confirms that an impulsive decline from 1.4664 has been seen and calls for more downside pressure to 1.4024 and lower for the coming days/weeks. 
Short term, the downside momentum will stay intact as long as minor resistance at 1.4485 is able to hold. The next minor downside target to look for is seen at 1.4439 and below here 1.4371. 
A break above minor resistance at 1.4485 will call for a correction towards 1.4594 before lower again. 
Longer term, much lower levels should be seen, with an ultimate break below 1.3834 calling for a continuation lower to 1.3344.  

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