GBPUSD : Downtrend Continuation

GBPUSD fell to a new low as expected, after only three wave bounce from 1.4893 to 1.5240 which was a corrective move called a zigzag. As such, we are bearish on GBPUSD and will expect more weakness after any pullback. At the moment we can see some rally away from the low, but it can be wave 2 that may find resistance near 1.5000 psychological level. Ideally weakness will continue down to our 138.2 and 161.8% Fibonacci targets.

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