Today we are going to take a look at GBPUSD and its mid-term view.
GBPUSD was trading slow, overlapping and choppy for a big chunk of 2016-2018, probably because of a correction that was unfolding within a bigger wave IV. It turned out to be a complex correction, which found a top at the 1.4384 level, and afterwards push price strongly into the bearish side. If we look closely, we can see the lower channel line connected from 2016 lows was breached which in Elliott wave theory indicates a change in trend, and probably a new five-wave bearish cycle.
GBPUSD, daily
