Correction on GBPUSD Suggests More Weakness - Elliott Wave Analysis
Gregor Horvat of Elliott Wave Financial Service - InsideFutures.com - Thu Aug 09, 9:51AM CDT

Hi traders,

Cable is slowly turning to the upside, ideally unfolding a new temporary correction as wave 4, that can retrace back to the area of a former wave iv around the 1.2973 zone. There we can see Fibonacci ratio of 23.8-38.2 and the lower channel line, where all can react as resistance and push price into a new low for wave 5.

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GBPUSD, 1h

gbpusd, intra