Elliott Wave Analysis: Triangle On GBP/USD Points Lower
Gregor Horvat | Sep 29, 2016 04:39AM ET
GBP/USD fell down from 1.3447 very aggressively last week so we are now even more confident that pair is making a corrective pattern since start of July. The reason is a price action; despite some weakness last week it's still a trapped market with roller-coaster ride between 1.28 and 1.35 levels, with a personality of a corrective move; ideally it's a triangle that is unfolding in wave IV. Triangles are five wave patterns, labeled by A-B-C-D-E sub-waves, currently with wave E in play that can rally to 1.3150-1.3250 where we would expect a bearish turn.
GBP/USD, 4H
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