GBP/USD Trading Towards 1.4550 Resistance
Gregor Horvat | May 18, 2016 06:15AM ET
GBP/USD is trading to the upside in the last 48 hours from 1.4330, so it appears that corrective wave two is still underway.
An updated count shows idea of a flat in progress after recent small break beneath red wave 1), which is usually the case in wave B of a flat pattern. That said, price is probably in wave C that can be looking for resistance then around 1.4550-1.4600 area this week.
We remain bearish on cable as long as market trades beneath 1.4769 high, where pair might accomplished a big contra-trend move visible on higher time frames.
GBP/USD 4H
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