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Technical analysis

GBPUSD Elliott Wave Analysis: Sterling Declines To 3 Weeks Low

Sanmi Adeagbo | Oct. 24, 2018
GBPUSD Elliott Wave Analysis: Sterling Declines To 3 Weeks Low

Pound Sterling has declined to its lowest price in the last three weeks. The bearish move which continued early in the London session broke below 1.292 support.

October 2018 | AtoZMarkets - GBPUSD , in the last couple of weeks, has been in a massive decline. Brexit talk with the EU has been unsuccessful. Pressure is mounting on Prime Minister Theresa May within the anti-Brexit hardliners in the opposition party. There was a recent report that May might have 'lost control' over Brexit issues. All these ongoing while Dollar recovers from the previous falls. This scenario might continue in the coming weeks as the GBP further to the USD.

Price started this week with a fast 100 Pips drop to 1.295. There was bullish recovery back above 1.3 but couldn't continue as price surrenders further to downside pressures. In the London session today, it plunges further and currently trades around 1.29 handle after breaking below 1.292 support level.

GBPUSD Elliott Wave Analysis and Important Price Levels

In the last update, we continued the bearish wave count from 1.326. Price broke below 1.3 handle and was expected to continue below 1.292 support. The chart below shows the new update.

Price is testing 1.292 after a brief move below it. The bearish impulse wave is expected to continue its 5th wave down to 1.275. Only a break above 1.3080 would invalidate the emerging bearish impulse wave. This forecast expects price to stay below 1.292 on the way to 1.275-1.285. Brexit still poses the biggest risk.

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