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GBP/USD Could Reverse Into A Deeper Pull-back, towards 1.5480

Currencies / British Pound Jun 18, 2013 - 01:22 PM GMT

By: ForexPros

Currencies We can count five waves up in wave A) from 1.5000 psychological level on the cable, which means that temporary high for this pair could be near if we consider that correction follows after every five waves.


With that said, a coming corrective retracement would be red wave B) that is part of an incomplete second zig-zag in wave II. If we receive lower levels for wave B), watch for a bounce/support zone at 1.5480/1.5550.

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