GBP/USD 360-min View

GBP/USD 360-min View [last 1.5217]

Trend: Down [correcting higher; it may be complete]
Target: 1.4816

Wave Position/Pattern: Likely completed A-B-C rally into the 1.5352 high.
Fundamental Thematic: Rising current account deficit, money flow, politics, Eurozone
Resistance: 1.5352/1.5267/1.5250 Support: 1.5208/1.5151/1.5137

10 February 2014: A clear three-wave rally from the 1.4948 low may be complete at 1.5352. If so, this sets the stage for another wave lower targeting the key weekly swing low (from 7/13/13) at 1.4816. Alternatively, a break of the 1.5352 high sets up a move to the 1.5500-level.