Gbp/Usd Short Bias

Cable hit a top at 1.5381, just 20 pips below the 38.2% Fibonacci retracement level of the wave (3) distance. In this zone a turning point on the Short side of the pair is expected to happen in the near-term, since an upward correction of wave (4) could be very near completion.

It is not yet clear enough if the wave C) leg of a second zig-zag is already finished, traders need to wait an impulsive decline on the small time-frame chart first, before a bearish reversal can be confirmed. Detail will follow.

TheLFB GbpTheLFB Charting: Gbp/Usd 4h view

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