Amongst all the Brexit baloney GS cuts through with some TA. Elliot wave, which is not my cup of tea but for those using it:
Like most of G10 FX, GBPUSD has been in a broad corrective process since August
- There really hasn’t been any evidence of anything impulsive up to now. The next level to focus on above is 1.3526-1.3549; this area includes two separate ABC targets from January and February. This might be an interesting place to watch for a top/turn. Confidence in a top will then be given back underneath the January uptrend which is currently down at 1.30. Worth mentioning that this trendline held particularly well earlier in March and should therefore be considered important.
- In short, anything up to 1.3526-1.3549 can still be interpreted as counter-trend. Would have to break higher than there to assume that a more meaningful rally is perhaps developing.
- View: Tactically higher, targeting 1.3526-1.3549. Take profit, watch for a top once reached. Need to break higher than there to consider a more meaningful base.