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

GBPUSD continues to follow our plan and is now in the final corrective pull back. Short-term trend remains bearish and we continue to expect price to move below 1.29. Wave C down is underway.

GBPUSD so far is following my expectations. Both 1.29 downside target has been reached and the upside bounce was foretold. Now it is time for a new lower low and price to fall below the 38% Fibonacci retracement. Next downside target is at 1.2750. As long as price is below 1.3285 bears will remain in control.