FX.co ★ Short-term Elliott wave analysis on GBPUSD

GBPUSD so far has been following our projected path. Price is still expected to move lower from current levels in order to complete a three wave corrective pattern near the important Fibonacci support level of 1.2550.

GBPUSD is expected to make at least a lower low relative to the 1.2904 low of December 23rd. This way we will have the minimum prerequisites for a complete ABC correction. It is not necessary to see the correction reach the 61.8% Fibonacci level, but usually corrections reach that level and reverse back to the main trend, which in this case is up. Support is found at 1.3050 and resistance at 1.3285. Traders need to be patient.