GBPUSD In A Reversal Towards More Weakness Analysis by Elliott Wave
GBPUSD made a nice reversal around 1.4768 level in the last sub-wave 5 of C), in which an ending diagonal was recognized. This is a powerful structure that primarily occurs in the wave 5 position when price has moved too far and too fast and indicates a change in trend. For now we think that price will fall further down, after a temporary correction in wave 2) is seen. Resistance for wave 2) would ideally be around 1.45718.
Collected from Fxstreet