GBPUSD fell beneath 1.4050 last week but only with a spike as pair rallied after that more than 150pips. So despite recent strong decline down from 1.4470 we think that bears are not in full control yet. In fact, we see pound trapped in a big trading range that looks more and more like a triangle. If that’s the case then we know that pair will go sideways for few more days as wave C, D and E are still missing to complete big black wave IV sometime this month. That said, traders should be aware of some short-term rally, up in wave C maybe even back to 1.4350 where upside would be limited at the upper trendline. However, don’t forget on big picture; trend is still bearish there but it’s just a longer pause with downtrend.
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