Hi Traders,
Although I originally expected the Pound (now at 1.42) to top around 1.45, it might not be able to make it.
Even if the GBPUSD attempts another rally to 1.45, it should be the last one and the start of a major downtrend might be in sight.
Consequently, the top we have seen at 1.4345 might be the very end of the rally started on Oct 2016 at 1.1825.
ELLIOTT WAVES
The monthly and the weekly charts display the end of major wave 4. They also show the theoretical target at 1.45.
The daily and 4-hours charts display the last wave count.
Monthly chart, click to enlarge
Weekly chart, click to enlarge
Daily chart, click to enlarge
$-hours chart, click to enlarge
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