GBP/USD outlook: Bears take a breather after sharp three-day fall
Cable is holding within a narrow consolidation in early Wednesday’s trading as bears started to run out of steam after steep fall (down 1.85%) in past three days.
Tuesday’s break and close well below pivotal supports at 1.2846 (Fibo 76.4% of 1.2664/1.3434 / former base) and 1.2817 (200DMA) generated strong bearish signal. Markets await release of US inflation data for October (due later today) for fresh signals that keeps the pair in a quiet mode this morning. Read more...
GBP/USD Elliott Wave technical analysis [Video]
The Elliott Wave analysis for the GBPUSD daily chart from Trading Lounge highlights a bearish trend in the currency pair, driven by an impulsive wave structure. The current analysis identifies navy blue wave 1 as ongoing, signaling a continuation of the downward momentum within the broader bearish framework.
Currently positioned in gray wave 1, this impulsive movement suggests further price declines as the wave structure develops. The unfolding of navy blue wave 1 underscores the likelihood of sustained bearish pressure on GBPUSD, consistent with the broader trend direction. Read more...
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