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GBPUSD is in correction phase

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GBPUSD
Due to the broad weakness in US dollar the cable got some boost even there is a
brexit worries are ahead and the UK economy is still in lagging phase

GBPUSD has broadly reached the 1.34800 level and started
falling towards the 50% Fibonacci retracement level which is at 1.32700
On Elliott wave principal the minor waves A,B,C is completed we can expect
downward Elliott wave correction in coming days

Minor head and shoulder pattern is also forming at his level

Yesterday the supportive trend line was broken and we can expect a retest at 1.33650
Which is a 23.6% Fibonacci retracement level

Suitable selling orders may placed at this level and the potential take profit will be
1.32700 which is a 50% Fibonacci retracement level

Brexit headlines will make this pair more volatile in coming days

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only

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