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28.02.202010:21 Forex Analysis & Reviews: GBPUSD elliott wave analysis

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GBPUSD is trading below 1.29 again and we continue to expect this corrective wave lower to push prices lower towards 1.26-1.27. Trend remains bearish as price is making lower lows and lower highs.

GBPUSD is in a corrective phase. The first two corrective waves after topping at 1.35 have been complete. Now the final corrective wave should convince traders that the major trend is again bearish and will forget the impulsive move higher from 1.20 to 1.35. A move towards 1.26-1.27 will most probably do the job. Price is now breaking down below 1.2915 which is the 38% Fibonacci retracement of the entire move higher. The 50% retracement is at 1.2730 and the 61.8% is at 1.2550. Both these levels are targets. Resistance is at 1.3020-1.3070. As long as price is below that level, we should expect another sell off.

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