GBPUSD is in a downward cycle after the 01/13 High of 1.375 . The pair made a 5 wave move to the downside which looks quite like a steady decline, supporting our prior idea that it will likely move lower in 3 wave cycles rather than impulsively. Currently it looks like the pair has completed the 1st (A) wave in minute degree and now completing a (wxy) in the minnutte degrees which completes our wave (B) in minute degree. This should then take the pair lower, we are looking for our first target at about 1,3159.
* Point of note is that though the current wave (B) in the minute degree is very shalow than we would have liked to see. Our preference would have been a 50% retracement of the whole move lower at 1.355 but Price has corrected that move lower to (1,345) which is a 23,6% retracement of the move lower.
* Point of note is that though the current wave (B) in the minute degree is very shalow than we would have liked to see. Our preference would have been a 50% retracement of the whole move lower at 1.355 but Price has corrected that move lower to (1,345) which is a 23,6% retracement of the move lower.