GBP/USD: Intra-Day Correction

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GBP/USD made a nice five-wave drop from the 1.3000 level, giving us an idea of a bearish trend, and that now a temporary pullback may be in play. We expect to see an a)-b)-c) recovery to unfolding in upcoming sessions, which can look for resistance and a bearish reversal near the Fibonacci ratios of 38.2 and 61.8.

After a five-wave development unfolds, a temporary three-wave retracement may follow, which in Elliott wave theory represents a correction. After a correction, more price activity in the direction of the trend may follow.

GBP/USD: Intra-Day Correction

GBP/USD, 30Min

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