Thursday, 2 August 2018

The pound to resume the downtrend?

Hi traders,

The GBPUSD (now at 1.31182) shows extreme weakness and should resume the downtrend to 1.30.


ELLIOTT WAVES

The monthly
and weekly charts show that the Pound is unfolding "major wave five" (downward) with a very long term target below 1.18.

The daily, 4-hours and 1-hour charts reveal that we are witnessing the last leg of the very minor wave 5 (downward) that should take the Pound to 1.30.



Monthly chart. Click to enlarge





Weekly chart. Click to enlarge





Daily chart. Click to enlarge





4-hours chart. Click to enlarge





1-hour chart. Click to enlarge






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