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

GBPUSD is expected to move lower from current levels. Trend remains bearish as price continues to make lower lows and lower highs. Our view is that price is inside a corrective wave that should at least make a move below 1.29

Green lines- bearish channel

Price is still holding above the 38% Fibonacci retracement confirming the importance of this support level. Price is still inside a bearish channel and we should soon see a rejection. GBPUSD could be forming something more complex than a textbook A-B-C correction. Only time will tell.