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GBPUSD : Minor Corrective Wave Four In Progress

Discussion in 'Forex Trading Signals & Forecasts' started by Sandra S., Jan 29, 2016.

  1. Sandra S.

    Sandra S. Forum Member

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    GBPUSD made another bearish leg after the price took out 1.4560 level. Notice that current decline is extended, so it must be impulsive as part of a much bigger bearish cycle. However, price reached our Fibonacci projected levels for current wave 3-circled where bearish wave can be slowing down; but not for long as current bounce will be treated as a correction within ongoing weakness towards 1.4000. However, wave 4-circled can recover back to 1.4560 before downtrend resumes. GBPUSD, Daily

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