GBP/USD Short-Term View– Correction Afoot?

12 August 2014

Last 1.6802:

Playing for a correction to a completed 5-wave sequence down, ending at 1.6754 (labeled (a) or C). Targeting up to 1.6922 or 38.2%…swing resistance comes in at 1.6888 (labeled minor wave iv)…notice the divergence on the MACD line into the price low (dotted red line)….